Renewed interest in high cap stocks lifts index by 1.09%
After days of downturn, the Nigerian equities market reopened upbeat yesterday, following a renewed interest in some bellwethers, as the All-share Index (ASI) appreciated by 1.09 per cent.
Yesterday, the ASI rose by 246.57 points or 1.09 per cent to 22,789.64 points. Accordingly, investors gained N128 billion in value as market capitalisation went up to N11.876 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, among which are: MTN Nigeria, Guaranty Trust Bank, Cadbury Nigeria, PZ Cussons Nigeria and Caverton Offshore Support Group.
Analysts at Afrinvest Limited said: “Despite the bullish performance recorded yesterday, we expect the bearish sentiment to persist given the current global pandemic. However, we note that there are opportunities for bargain hunting.”
Market breadth closed positive as 18 stocks recorded gains relative to 14 losers. Lasaco Assurance and MTN Nigeria recorded the highest price gain of 10 per cent each, to close at 22 kobo and N104.50, respectively, while Oando followed with a gain 9.95 per cent to close at N2.21, per share.
Eterna went up by 9.90 per cent to close at N2.22, while PZ Cussons appreciated by 9.88 per cent to close at N4.45 per share. On the other hand, Sterling Bank led the losers’ chart by 10 per cent each, to close at 99 kobo, per share.
Chams Plc followed with a decline of 9.09 per cent to close at 20 kobo, while Okomu Oil declined by 8.25 per cent to close at N55.05 per share.
Africa Prudential declined by 7.45 per cent to close at N3.23, while Law Union and Rock Insurance shed 6.80 per cent to close at 96 kobo, per share.
The total volume of trades decreased by 0.7 per cent to 671.52 million units, valued at N10.58 billion and exchanged in 7,247 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 177.75 million shares valued at N3.52 billion.
Zenith Bank followed with 147.01 million shares worth N1.98 billion, while Access Bank traded 87.96 million shares valued at N565.76 million.
FBN Holdings traded 60.82 million shares valued at N247.63 million, while Stanbic IBTC Holdings transacted 27.09 million shares worth N819.05 million.