Stock market index sustains rising profile, up by 0.08%

Following price gains recorded by most bluechip stocks, trading on the floor of the Nigerian Stock Exchange (NSE) sustained rising profile yesterday, as the All-Share Index (ASI) increased further by 0.08 per cent.

Yesterday, the market capitalisation gained N11 billion, to close at N13.421 trillion, while ASI increased by 21.7 absolute points, representing a growth of 0.08 per cent to close at 27,586.79 points. The upturn came by gains recorded in medium and large capitalised stocks, among which was MTN Nigeria, International Breweries, Ecobank Transnational Incorporated (ETI), United Bank for Africa (UBA) and Access Bank.

Analysts at Afrinvest Securities Limited said: “We maintain a bearish outlook on the equities market in the next trading sessions as investor sentiment remains weak.”

However, market breadth closed negative, 13 stocks posted gains, while 18 stocks posted declines and International Breweries recorded the highest price gain of 10 per cent, to close at N11 per share.Cornerstone Insurance followed with a gain 8.7 per cent to close at 25 kobo, while Continental Reinsurance appreciated by 8.672 per cent to close at N1.63, per share.

ETI went up by 5.48 per cent to close at N7.7, while Mutual Benefits Assurance appreciated by 4.76 per cent to close at 22 kobo, per share.On the other hand, Tripple Gee and Co. led the losers’ chart by 9.52 per cent, to close at 57 kobo, per share.

Sterling Bank followed with a decline of eight per cent to close at N2.30, while UACN Property Development Company went down by 6.82 to close at 82 kobo, per share.

Lasaco Assurance lost 6.67 per cent to close at 28 kobo, while Union Bank of Nigeria (UBN) shed 5.71 per cent to close at N6.60, per share.The total volume of shares traded rose by 164 per cent to 294.41 million, worth N3.5 billion, and traded in 3,337 deals.Transactions in the shares of UACN Property Development Company topped activity chart with 61.66 million shares, valued at N50.6 million, while Access Bank followed with 55.14 million shares worth N369.36 million. Guaranty Trust Bank traded about 52 million shares valued at N1.4 billion.

Transnational Corporation of Nigeria (Transcorp) traded 26.54 million shares valued at N27.03 million. UAC of Nigeria (UACN) transacted 15.71 million shares worth N74.19 million.