High Cap Stocks gains push stock market indices by N39b

Equity transactions on the equity sector of the Nigerian Stock Exchange (NSE) reopened upbeat yesterday, following price gains recorded by most Highly Capitalised (High Cap) stocks, as market capitalisation rose by N39billion.

Specifically, at the close of transactions yesterday, the All Share Index (ASI) gained 108.52 absolute points, representing a growth of 0.30 per cent to close at 36,711.96 points. Similarly, the market capitalisation gained N39billion to close at N13.299trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, Guaranty Trust Bank, National Salt Company of Nigeria, Chemical and Allied Products (CAP), and Nigerian Breweries.

Analysts at APT Securities and Funds Limited said: “The Nigerian equities market has experienced recovery, which is evidenced in the two consecutive gains of the NSE-ASI coupled with the weight gain in majority of indices. We advise investors to take positions so as to benefit from the favourable movements in the market.”

Also, market breadth closed positive, with 20 gainers versus 18 losers. Cutix recorded the highest price gain of 10 per cent to close at N3.30 per share.

Continental Reinsurance gained six per cent to close at N1.59, while Wema Bank appreciated 5.80 per cent to close at 73 kobo per share.

Transnational Corporation of Nigeria (Transcorp) appreciated by 4.27 per cent to close at N1.22, while Japaul Oil and Maritime Services gained 3.32 per cent to close at 32kobo per share.

On the other hand, Abbey Mortgage Bank led the losers’ chart by 10 per cent, to close at N1.17 per share.

UPL shed 9.80 per cent to close at N2.30, while Forte Oil depreciated by 9.68 per cent to close at N25.20 per share.

UAC Property declined by 9.42 per cent to close at N1.73, and Aiico Insurance also shed 8.96 per cent to close at 61kobo per share.

However, the total volume traded depreciated by 66.72 per cent to 226.27 million shares, worth N2.21billion, and traded in 3,624 deals.

Transactions in the shares of Med-View Airline topped the activity chart with 100 million shares valued at N214million.

Transcorp followed with 16.15 million shares worth N19.56million, while Zenith Bank traded 11.29 million shares valued at N260.27million.