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Renewed bargain-hunting push market index by 0.29%

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Following renewed bargain-hunting in most blue-chip stocks, especially Flour Mills and GlaxoSmithkline (GSK ) Consumer Nigeria, the Nigerian equity market commenced trading for the week on the positive note yesterday, causing the All Share Index (ASI) to appreciate by 0.29 per cent.
 
Specifically, at the close of trading Monday, the ASI increased by 72.39 absolute points or 0.29 per cent to close at 24,766.12 points. Similarly, the market capitalisation rose by N37 billion to close at N12.919 trillion.

The uptrend was impacted by gains recorded in large and medium capital stocks, including Flour Mills of Nigeria, BUA Cement, GSK Consumer Nigeria, Guaranty Trust Bank, and Neimeth International Pharmaceuticals.

Analysts at United Capital Plc said the outcome of more first half (H1) 2020 earnings results would continue to spur market reactions.

Also, Afrinvest Limited said the performance of the market this week would be majorly dictated by the trend in earnings releases.

Vetiva Dealings and Brokerage firm said: “Bullish sentiment was seen at the domestic market today, as all sectors closed in the green except the Insurance sector, which declined 2.35% d/d. We expect a mixed trading session tomorrow, with bargain hunting in some counters and profit-taking in others.”
 
Market breadth closed positive, with 19 gainers versus 16 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at N1.65 per share.
 
Flour Mills of Nigeria followed with 9.97 per cent to close at N18.75, and University Press rose 9.90 per cent to close at N1.11, per share.

   
GlaxoSmithkline Consumer Nigeria advanced 8.16 per cent to close at N5.30, while Honeywell Flour Mill edged up five per cent to close at N1.05, per share.
   
On the other hand, UAC of Nigeria (UACN) led the losers’ chart by 10 per cent to close at N6.30 per share. Aiico Insurance followed with 9.57 per cent to close at 85 kobo, and Sunu Assurances Nigeria lost 9.09 per cent to close at 20 kobo, per share.
   
Mutual Benefits Assurance slipped 8.70 per cent to close at 21 kobo, and Custodian Investment shed 7.27 per cent to close at N5.10, per share.

The total volume traded rose by 83.6 per cent to 186.482 million shares worth N1.31 billion, traded in 4,718 deals.
 
Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 23.385 million shares valued at N14.348 million.

Custodian Investment followed with 19.138 million shares worth N97.724 million, while Guaranty Trust Bank traded 18.173 million shares valued at N411.609 million.
   
FBN Holdings traded 13.535 million shares at N69.701 million, while United Bank for Africa (UBA) transacted 9.715 million shares worth N60.52 million.


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