Investors gain N60b as bargain-hunting triggers market activity
The All-share Index (ASI) gained 163.96 absolute points, representing a growth of 0.51 per cent to close at 32,222.24 points. Similarly, market capitalisation rose by N60 billion to close at N11.764 trillion.
The upturn was significantly impacted by gains recorded in the bellwethers, amongst which are; Nestle Nigeria, Nigerian Breweries, GlaxoSmithKline Consumer Nigeria, Flour Mills Nigeria, and Total Nigeria.
Analysts at Afrinvest Limited, said: “Although bullish performance was largely on account of investor bargain-hunting as well as a noticeable stronger investor sentiment, we expect performance this week to follow an undulating trend while maintaining our bearish outlook on the market.”
Similarly, SCM Capital Research, said: “Our near term outlook for the equities market remains negative, amidst brewing political concerns, and the absence of positive driver. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
Market breadth was positive, with 27 gainers versus five losers. GlaxoSmithKline Consumer Nigeria recorded the highest price gain of 9.96 per cent, to close at N13.25 per share. UACN Property Development Company followed with a gain of 9.72 per cent to close at N1.58, while NPF Microfinance Bank gained by 9.56 per cent to close at N1.49 per share.
Prestige Assurance went up by 8.93 per cent to close at 61 kobo, while Jaiz Bank appreciated by 8.89 per cent to close at 49 kobo per share.
On the other hand, Mutual Benefits Assurance, and Union Diagnostic and Clinical Services led the losers’ chart by eight per cent each to close at 25 kobo, each, Forte Oil followed with a loss of 7.77 per cent to close at N19 per share.
Wapic Insurance depreciated by 4.76 per cent to close at 40 kobo, and Diamond Bank declined by 1.11 per cent to close at 89 kobo, per share.
However, total volume traded depreciated by 9.8 per cent to 148.10 million shares, worth N1.8 billion, and traded in 2,853 deals. Transactions in the shares of Oando topped the activity chart with 30.3 million shares worth N154.24 million.
Diamond Bank followed with account of 16.35 million shares valued at N14.47 million; while United Bank for Africa (UBA) traded 12.85 million shares cost N100.19 million.
Fidelity Bank traded 11.47 million shares valued at N22.8 million, while Guaranty Trust Bank sold 9.16 million shares worth N338.58 million.