Renewed appetite in high cap stocks lifts capitalisation by N145 billion

Following investors’ appetite for some high-capitalised stocks, the Nigerian stock market reopened the week on an upward note yesterday. The market capitalisation appreciated by N145 billion.

At the close of transactions, the All Share Index (ASI) rose by 277.17 points, representing an increase of 0.71 per cent to close at 39,493.37 points.

Accordingly, investors gained N145 billion in value as market capitalisation went up to N20.663 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks such as MTN Nigeria, Guaranty Trust Bank, Guinness Nigeria, Custodian Investment and Ecobank Transnational Incorporated.

Analysts at Afrinvest Securities Limited said: “In subsequent trading sessions, we anticipate a mix of buying interest and profit-taking in the equities market.”

As measured by market breadth, market sentiment was positive, as 28 stocks gained, relative to 12 losers.

Courteville Business Solutions and Custodian Investment recorded the highest price gain of 10 per cent each to close at 22 kobo and N6.60 kobo, while Linkage Assurance followed with a gain 9.80 per cent to close at 56 kobo.

Caverton Offshore Support Group went up by 9.52 per cent to close at N2.07 kobo while Jaiz Bank appreciated by 8.47 per cent to close at 64 kobo.

On the other hand, Cornerstone Insurance led the losers’ chart by 9.84 per cent to close at 55 kobo. Oando followed with a decline of 6.06 per cent to close at N3.10, while Honeywell Flour Mill declined by 4.84 per cent to close at N1.18 kobo.

PZ Cussons Nigeria declined by three per cent to close at N4.85, while FCMB Group shed 2.68 per cent to close at N2.90 kobo.

The total volume of trades rose by 108.1 per cent to 522.175 million units, valued at N10.651 billion and exchanged in 4,566 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 230.371 million shares valued at N7.387 billion.

Union Bank of Nigeria followed with 79.221 million shares worth N419.838 million while Wema Bank traded 51.942 million shares valued at N31.703 million.

Transnational Corporation of Nigeria traded 18.685 million shares valued at N14.967 million, while Courteville Business Solutions transacted 16.85 million shares worth N3.707 million.