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Stock market resumes March upbeat as capitalisation rises by N69b

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Nigerian Stock Exchange

Following upticks in BUA Cement PLC and 11 other companies, the Nigeria Stock Exchange (NSE) yesterday resumed the first trading session in March in an upward note as market capitalisation increased by N69 billion.

The All-Share Index (ASI) gained 131.74 absolute points, representing a growth of 0.33 per cent to close at 39,931.63 points. The overall market capitalisation value rose by N69 billion to close at N20.892 trillion.

The uptrend was partly driven by price appreciation in medium and large capitalised stocks, including UAC of Nigeria (UACN), AIICO Insurance, Veritas Kapital Assurance, BUA Cement and Neimeth International Pharmaceuticals.

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Analysts at Afrinvest stated that “although we are not optimistic about gains this week as investor sentiment remains weak, we expect earnings releases and dividends declaration to influence trading activity”.

As measured by market breadth, market sentiment remained negative, as 29 stocks declined, relative to 12 gainers. UACN recorded the highest price gain of 6.67 per cent to close at N8.

AIICO Insurance followed with a gain of 5.22 per cent to close at N1.21 while Veritas Kapital Assurance rose by five per cent to close at 21 kobo.

BUA Cement rose by 3.82 per cent to close at N74.75, while Neimeth International Pharmaceuticals appreciated by 2.73 per cent to close at N1.88 kobo.

On the other hand, NASCON Allied Industries led the losers’ chart by 9.97 per cent to close at N14.45 kobo. Champion Breweries followed with a decline of 9.92 per cent to close at N2.27, while PZ Cussons Nigeria shed 9.43 per cent to close at N4.80 kobo.

Lasaco Assurance shed 8.94 per cent to close at N1.12 while Royal Exchange and Sovereign Trust Insurance depreciated by 7.41 per cent to close at 25 kobo.

The total volume of trades increased by 7.2 per cent to 543.987 million units, valued at N1.888 billion, and exchanged in 4,673 deals.

Transactions in the shares of Wema Bank topped the activity chart with 369.677 million shares valued at N240.322 million.

Zenith Bank followed with 20.62 million shares worth N529.068 million while Transnational Corporation of Nigeria traded 13.015 million shares valued at N11.480 million.

United Bank of Nigeria traded 11.932 million shares valued at N98.65 million while United Capital transacted 11.33 million shares worth N69.199 million.

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