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Stock market index gains 1.90 per cent

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Transactions on the Nigerian Stock Exchange (NSE) sustained its positive trend yesterday as more highly-capitalised stocks appreciated in prices, boosting the All-Share Index (ASI) by 1.90 per cent.
 
At the close of trading, investors gained N325 billion as market capitalisation advanced to N17.384 trillion. Also, the ASI increased by 621.26 absolute points, representing a growth of 1.90 per cent to close at 33,268.36 points.
   
The positive performance came from gains recorded by highly-capitalized stocks, including Nigerian Breweries Plc, Presco Plc, MTN Nigeria Communications plc (MTNN), Guinness Nigeria Plc and NASCON Allied Industries Plc.
   
Analysts at Afrinvest Research said: “While there is yet room for profit-taking, we expect the local bourse to close the week on a bullish note.”

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Market sentiment, as measured by market breadth, was positive with 51 stocks recording gains compared to seven losers. Fidson Healthcare, Guinness Nigeria, Neimeth International Pharmaceuticals and Sterling Bank recorded the highest price gains of 10 per cent each, to close at N4.95, N20.90, N2.42 and N2.20 respectively.
   
On the flip side, Learn Africa Plc led the losers’ chart by 4.76 per cent, to close at N1.00, per share. C&I Leasing Plc followed with a decline of 4.65 per cent to close at N4.10 per share.
   
Stanbic IBTC Holdings Plc declined by 4.17 per cent to close at N46.00 while Linkage Assurance declined by 4.08 per cent to close at 47 kobo. Red Star Express Plc shed 3.68 per cent to close at N3.40.
   
The total volume of trades went up by 48.27 per cent to 858.157 million units, valued at N9.063 billion, exchanged in 8,142 deals.    
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 145.051 million shares valued at N1.078 billion. Transnational Corporation of Nigeria Plc (Transcorp) followed with 126.262 million shares worth N141.213 million while Zenith Bank traded 60.813 million shares valued at N1.520 billion.

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