Oil firms, others lift stock market index by 0.83%

Equity transactions on the floor of the Nigerian Stock Exchange sustained rising profile, following gains recorded by major highly capitalized stocks, especially Seplat and Mobil causing the All-share index to rise further by 0.83 per cent.

Yesterday, the All Share Index (ASI) gained 322.72 absolute points, representing a growth of 0.83 per cent to close at 39,167.04 points. Similarly, the market capitalisation gained N117 billion to close at N14.188 trillion.

The growth was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat, Mobil Nigeria, Dangote Cement, Nestle Nigeria and Cadbury Nigeria.
Analysts at Afrinvest Limited said: “we expect the positive performance to be sustained in the subsequent trading sessions as investors continue to hunt for bargain opportunities.”
Codros Capital Limited said: “We look for extension of gains, as relatively lower prices continue to attract investors, supported by strengthened macroeconomic fundamentals.”

The market breadth closed positive with 27 gainers and 21 losers. Seplat recorded the highest price gain of 8.14 per cent, to close at N769 per share. Mobil Nigeria followed with a gain of 4.99 per cent to close at N183, while NEM Insurance appreciated by 4.80 per cent to close at N2.62 per share.

Equity Assurance appreciated by 4.76 per cent to close at 22 kobo, while Unity Bank rose by 4.55 per cent to close at 92 kobo per share.On the other hand, Prestige Assurance led the losers’ chart by 4.69 per cent, to close at 61 kobo per share. Eterna oil followed with a decline of 4.48 per cent, to close at N5.97 per share.

FCMB Groups depreciated by 4.17 per cent to close at N2.30 per share. Niger Insurance down by 3.85 per cent to close at 25 kobo, while AG Leventis Nigeria shed 3.77 per cent to close at 51 kobo per share.

However, the total volume traded declined by 43.39 per cent to 341.48 million shares, worth N5.19 billion, and traded in 3,769 deals. Transactions in the shares of United Capital topped the activity chart with 82.66 million shares valued at N262.66 million.

Dangote Sugar followed with 56.89 million shares worth N1.19 billion, while African Prudential traded 49.58 million shares valued at N213.16 million.Guaranty Trust Bank traded 45.28 million shares valued at N1.92 billion, while UBA transacted 13.57 million shares worth N150.77 million.