Renewed interest in high cap stocks lift index by 0.7 per cent

After days of downturn, the Nigerian equities market reopened upbeat yesterday, following renewed interest in some bellwethers, as the All-share index gained 0.7 per cent.

The All -Share Index (ASI) rose by 190.60 points to 27,115.89 points, accordingly, investors gained N93 billion in value, as market capitalisation rose to N13.214 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, Stanbic IBTC, Dangote Cement, Zenith Bank, and Dangote Flour Mills.Capital market analysts said the uptrend can be attributed to Zenith Bank’s impressive half year results released Monday, to investors delight.

Meanwhile, analysts at Afrinvest Limited noted that “In the absence of a positive catalyst that would move the market, we expect investor sentiment to remain weak.”Market breadth also turned positive as 20 stocks posted gains while 13 stocks experienced decline.
Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22 kobo per share. UACN followed with 6.67 per cent to close at N4.80, while FCMB Groups gained five per cent to close at N1.68, per share.

Aiico Insurance rose 4.92 per cent to close at 64 kobo, and Oando 4.48 per cent to close at N3.50, per share. On the other hand, Cadbury Nigeria led the losers’ chart with 9.71 per cent to close at N9.30, per share. Chams followed with 8.70 per cent to close at 21 kobo, and Unity Bank 5.80 per cent to close at 65 kobo, per share. 

AXA Mansard Insurance lost 5.56 per cent to close at N1.70, while Jaiz Bank shed 5.41 per cent to close at 35 kobo, per share.
Also, total volume traded dropped 2.9 per cent to 250.74 million shares worth N4.17 billion, traded in 4,116 deals. Transactions in the shares of Lafarge Africa topped the activity chart with 47.15 million shares valued at N660.02 million. Transnational Corporation of Nigeria (Transcorp) followed with 41.07 million shares worth N36.96 million, while Zenith Bank traded 26.72 million shares at N452.63 million.

United Bank for Africa (UBA) traded 17.2 million shares valued at N97.34 million, while FBN Holdings transacted 16.53 million shares worth N77.62 million.