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Renewed bargain-hunting lifts index by 0.63 per cent

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Building of the Nigerian Stock Exchange (NSE). PHOTO: AYODELE ADENIRAN

Following renewed bargain-hunting, transactions at the Nigerian Stock Exchange (NSE), reversed Monday’s negative sentiment to close in an upbeat yesterday, causing the All Share Index (ASI) to appreciate by 0.83 per cent.

At the close of trading Tuesday, the ASI rose by 254.08 points or 0.83 per cent to 30,733.47 points. Also, investors gained N133 billion in value as market capitalisation increased by N16.064 trillion.

The upturn was impacted by gains recorded in medium and large capital stocks, including Dangote Cement, Chemical and Allied Products (CAP), Vitafoam Nigeria, Dangote Sugar Refinery, and Oando.

United Capital Plc said: “This month, with a sustained low yield environment and a rather expansionary monetary policy stance, the stock market will remain attractive for investors seeking high returns.

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“However, we do not rule out intermittent profit-taking by participants during the month. In all, we continue to see further uptick in the share prices of the tier one banks, food processors, Agro-allied companies, cement makers and the Telcos.

“We advise investors to take cautious positions in the brewers, diversified consumer goods companies, and tier-two banks as they remain highly speculative.”

Sentiment, as measured by market breadth, was positive with 24 stocks recorded gains relative to 18 losers. Wapic Insurance recorded the highest price gain of 10 per cent to close at 40 kobo per share. Associated Bus Company followed with 9.68 per cent to close at 34 kobo, while CAP rose by 9.58 per cent to close at N22.30, per share.

Japaul Oil and Maritime Services rose 9.52 per cent to close at 23 kobo, and Oando gained seven per cent to close at N2.75 per share.

On the other hand, NPF Microfinance Bank led the losers’ chart by 8.82 per cent to close at N1.55 per share. Custodian Investment followed with a 7.44 per cent fall to close at N5.60 per share.

Aiico Insurance declined by 4.60 per cent to close at 83 kobo, per share. Learn Africa declined by 4.55 per cent to close at N1.05, and Cornerstone Insurance shed 3.33 per cent to close at 58 kobo, per share.

However, the total volume of trade slipped by 10.70 per cent to 336.094 million units valued at N3.890 billion, exchanged in 5,575 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 41.103 million shares valued at N895.649 million.

FBN Holdings (FBN) followed with 40.622 million shares worth N258.042 million, while United Bank for Africa (UBA) traded 32.132 million shares valued at N242.861 million.

Fidelity Bank traded 31.924 million shares at N77.984 million, and Access Bank transacted 28.885 million shares worth N232.046 million.

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