Stock market rebounds as Neimeth, Forte Oil, others lift indices by N74b
Following renewed investors’ appetite in some highly capitalised stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, easing the previous day’s gains with N74b rise in market capitalisation.
Specifically, at the close of trading yesterday, the All- Share Index (ASI) was up by 205.13 absolute points, representing an increase of 0.67 per cent to close at 30,814.19 points. Similarly, the market capitalisation increased by N74 billion, closing at N11.255 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Dangote Cement, Forte Oil, Cement Company of Northern Nigeria (CCNN) and Guaranty Trust Bank.
Analysts at Afrinvest Limited stated that “in yesterday’s trading session, the market rebounded in line with our expectations. Although we maintain a bearish outlook for the equities market, we do not rule out the possibility of persistent buying interest particularly on fundamentally sound stocks in the near term.”
Market breadth closed positive, recorded 24 gainers against 17 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent, to close at 66 kobo, while Forte Oil and CCNN followed with a gain of 9.91 per cent, each to close at N23.85 and N18.85, respectively.
Diamond Bank appreciated by 9.62 per cent to close at N1.14, while UAC Property Development Company up by 9.46 per cent to close at N1.62, per share. On the other hand, Access Bank led the losers’ chart by 5.52 per cent, to close at N7.70, per share. Mutual Benefit Assurance followed with a decline of 4.76 per cent to close at 20 kobo, while Nigerian Breweries lost 3.40 per cent to close at N76.70, per share.
Lasaco Assurance shed 3.33 per cent to close at 29 kobo, while Unilever Nigeria depreciated by 2.76 per cent, to close at N37, per share.Volume of trade increased by 47.1 per cent to 316.2 million units, valued at N5.09 billion and exchanged in 3,445 deals. Transactions in the shares of Zenith Bank topped the activity chart with 102.39 million shares valued at N2.34 billion. AXA Mansard Insurance followed with 40.06 million shares worth N80.12 million, while Lafarge Africa traded 25.91 million shares valued at N309.47 million.
Access Bank traded 22.21 million shares valued at N179.12 million, while Guaranty Trust Bank transacted 15.97 million shares worth N553.78 million.