Investors’ wealth appreciates by N46b
Investors’ appetite for low priced stocks buoyed transactions on the equities sector of the Nigerian Stock Exchange yesterday, as market capitalisation increased further by N46 billion.
Yesterday, the All Share Index (ASI) was up by 122.53 absolute points, representing an increase of 0.40 per cent, to close at 30,583.21 points. Similarly, market capitalisation increased by N46 billion to close at N11.405 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are, Mobil Nigeria, Dangote Cement, Cement Company of Northern Nigeria, PZ Industries and Nigerian Breweries.Analysts at Afrinvest Limited said that “we maintain a cautiously optimistic outlook for the market in the near term and recommend that investors position largely in value stocks.”
Market breadth closed positive, recording 23 gainers as against 15 losers. Neimeth International Pharmaceuticals led the gainers’ table by 9.84 per cent to close at 67 kobo per share. NEM Insurance followed with a gain of 9.71 per cent to close at N2.26, while Sovereign Trust Insurance appreciated by 9.09 per cent to close at 24 kobo per share.
Royal Exchange rose by 8.33 per cent to close at 26 kobo, while Jaiz Bank gained by eight per cent to close at 54 kobo per share. On the other hand, eTranzact International led the laggards’ table by 9.87 per cent to close at N3.56. Resort Savings and Loans followed with a loss of 9.68 per cent to close at 28 kobo, while per share.
Cornerstone Insurance dipped by 9.09 per cent, to close at 20 kobo, while First Aluminum down by 6.06 per cent, to close at 31 kobo per share.
Meanwhile, total volume traded declined by 24.04 per cent to 231.01 million shares, valued at N3.26 billion, and exchanged in 3,207 deals. Transactions in the shares of Diamond Bank topped the activity chart with 59.56 million shares valued at N125.13 million. Guaranty Trust Bank traded 45.59 million shares worth N1.48 billion and Zenith Bank transacted 19.83 million shares valued at N427.57 million.Access Bank followed with 19.48 million shares worth N112.12 million, while FBN Holdings traded 10.81 million shares valued at N79.41 million.
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