Renewed bargain hunting lifts index by 0.09 per cent

Despite price losses that outweighed gains, renewed bargain hunting in the shares of International Breweries, Lasaco and eight others lifted the All-Share Index (ASI) by 0.09 per cent.

Specifically, at the close of transactions yesterday, the ASI, grew by 36.60 absolute points, representing an increase of 0.09 per cent, to close at 42,013.39 points. Similarly, the overall market capitalisation gained N19 billion to close at N21.925 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks, including BUA Cement, International Breweries, Oando, Dangote Sugar Refinery and Lasaco Assurance.

United Capital Plc predicted that investors’ activity would remain relatively sustained as they continue to react to recently released nine months, 2021 earnings releases.

Vetiva Dealings and Brokerage said: “Just as expected, profit taking activities persisted today with stronger sell-side pressure seen in the banking sector, we foresee activity level trade mix in tomorrow’s session as investors begin to take advantage of the lower entry points.”

However, the market breadth closed negative, recording 31 losers and 10 gainers. International Breweries recorded the highest price gain of 9.62 per cent to close at N5.70 kobo. Lasaco Assurance followed with a gain of 8.33 per cent to close at N1.17 kobo, while Linkage Assurance went up by 7.55 per cent to close at 57 kobo.

Chams rose by 4.35 per cent to close at 24 kobo, while Oando gained 4.09 per cent to close at N4.84 kobo. On the other hand, UAC of Nigeria (UACN) led the losers’ chart by 9.73 per cent to close at N10.20 kobo.

FTN Cocoa processors followed with a decline of 8.70 per cent to close at 42 kobo, while FBN Holdings (FBNH) declined by 6.98 to close at N10. Unity Bank lost 6.90 per cent to close at 54 kobo, while Consolidated Hallmark Insurance shed 6.67 per cent to close at 56 kobo.

The total volume of trades fell by 15.65 per cent to 318.975 million units, valued at N3.278 billion, and exchanged in 5,492 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 52.580 million shares valued at N446.924 million.

FBNH followed with 30.497 million shares worth N313.806 million, while Zenith Bank traded 29.899 million shares valued at N747.641 million.

Chams traded 15.455 million shares valued at N3.524 million, while Transnational Corporation of Nigeria (Transcorp) transacted 14.081 million shares worth N14.439 million.