Stock market reopens upbeat as index rises by 0.30%

Following price gains recorded by most bluechip stocks, the equities market commenced trading for the month of May, in an upbeat, as the All Share Index (ASI) appreciated by 0.30 per cent.
 
Yesterday, the ASI increased by 68.85 absolute points, representing a growth of 0.30 per cent to close at 23,089.86 points. Similarly, the market capitalisation gained N36billion to close at N12.033trillion.

The upturn was impacted by gains recorded in medium and large value stocks, amongst which were; MTN Nigeria, Ardova Plc, Dangote Sugar Refinery, UAC of Nigeria (UACN), and Union Bank of Nigeria (UBN).

Analysts at United Capital Plc, said: “This week, the implementation of OPEC+ supply cut deal, and the influx of more quarterly earnings will drive sentiments amid increasing number of countries weighing the need to unlock economic activities as the debate around health and economic wellbeing gets louder.”

Also, analysts at Afrinvest Limited, said the performance of the domestic bourse would be shaped by corporate earnings releases and bargain-hunting activities.
 
However, market breath closed negative, recording 15 gainers and 19 losers. Prestige Assurance recorded the highest price gain of 10 per cent to close at 55 kobo per share.
 
Ardova Plc followed with 9.96 per cent to close at N12.70, while Wapic Insurance appreciated 7.69 per cent to close at 28 kobo, per share.
 

The total volume traded also fell by 30.49 per cent to 249.859 million shares worth N2.396 billion, traded in 6,538 deals.     
 
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 44.534 million shares valued at N935.210million. FBN Holdings followed with 40.714 million shares worth N187.414million, while United Bank for Africa (UBA) traded 24.753 million shares at N144.554million.

Zenith Bank traded 22.851 million shares valued at N328.506million, while Access Bank transacted 14.508 million shares worth N89.399million.