Interest in bellwethers lift stock market index by N15 billion
Following investors renewed appetite in some bellwether stocks, the Nigerian equities market rebounded yesterday, as market capitalisation appreciated by N15 billion.
Specifically, at the close of transactions, the All -Share Index (ASI) rose by 32.11 points or 0.12 per cent to 26,397.94 points. Accordingly, investors gained N15 billion in value as market capitalisation rose to N12.850 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Dangote Cement, United Bank for Africa (UBA), FBN Holdings, UACN Property Development Company, and Omoluabi Mortgage Bank.
Analysts at Afrinvest Limited said: “Notwithstanding yesterday’s positive performance, we maintain our bearish outlook on the market, although we expect third-quarter earnings to guide investors sentiment.”
However, market breadth closed negative as eight stocks posted gains while 11 stocks declined. Omoluabi Mortgage Bank recorded the highest price gain of 10 per cent to close at 55 kobo per share.
UACN Property Development Company followed with nine per cent to close at N1.09, while AG Leventis & Company appreciated by 7.69 per cent to close at 28 kobo, per share.
UBA rose 2.63 per cent to close at N5.85, and FBN Holdings 1.89 per cent to close at N5.40, per share.
On the other hand, Union Diagnostic and Clinical Services led the losers’ chart with 8.33 per cent to close at 22 kobo per share.
Lasaco Assurance followed with 7.14 per cent to close at 26 kobo, and Jaiz Bank was down 6.25 to close at 45 kobo, per share.
Access Bank lost 3.40 per cent to close at N7.10, while Lafarge Africa shed 2.97 per cent to close at N14.70, per share.
The total volume traded dropped by 58.08 per cent to 290.94 million shares worth N2.78 billion, traded in 2,668 deals. Transactions in the shares of Omoluabi Mortgage Bank topped the activity chart with 122.5 million shares valued at N67.38 million.
UACN Property Development Company followed with 30.30 million shares worth N31.82 million, while Zenith Bank traded 26.81 million shares at N460.86 million.
Guaranty Trust Bank traded 18.06 million shares valued at N475.05 million, while FBN Holdings transacted 17.56 million shares worth N94.17 million.