Stock market reverses losses as index appreciates by 0.4 per cent
The bulls upstaged the bears at the end of yesterday’s transactions on the equities sector of the Nigerian Stock Exchange (NGX), as many blue-chip stocks appreciated at price, causing the All-Share index (ASI) to rise by 0.4 per cent.
At the close of transactions yesterday, the market capitalisation of listed equities increased by 0.45 per cent to N21.310 trillion from N21.215 trillion recorded on Monday.
Similarly, the ASI, which measures the performance of quoted companies, also rose by 182.96 basis points to 40896.96 points from 40714.00 achieved on Monday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, among which were; BUA Cement, FBN Holdings (FBNH), Ecobank Transnational Incorporated (ETI), Stanbic IBTC Holding and Africa Prudential.
Reacting to the market performance, analysts at Vetiva Dealings said as expected, market activity was boosted by demand for stocks in the banking sector and we expect this sentiment to persist in tomorrow’s session, while investors continue to bargain hunt across board.
Furthermore, market breadth closed positive, recording 26 gainers and 13 losers. Champion Breweries recorded the highest price gain of 10 per cent to close at N2.53 kobo. Cornerstone Insurance followed with a gain 9.80 per cent to close at 56 kobo, while FBNH appreciated by 9.79 per cent to close at N10.65 kobo.
Sovereign Trust Insurance went up by 9.09 per cent to close at 24 kobo while LivingTrust Mortgage Bank appreciated by 8.96 per cent to close at 73 kobo.
On the other hand, Consolidated Hallmark Insurance led the losers’ chart with 6.78 per cent to close at 55 kobo. Japaul Gold and Ventures followed with a decline of 6.25 per cent to close at 45 kobo while NEM Insurance declined by 3.81 per cent to close at N2.02 kobo. Ikeja Hotel shed 3.51 per cent to close at N1.10, while Oando depreciated by 3.46 per cent to close at N5.02 kobo.
The total volume traded rose by 194.75 per cent to 563.882 million shares, worth N5.096 billion, and traded in 4,253 deals. Transactions in the shares of FBNH topped the activity chart with 317.276 million shares valued at N3.294 billion.
Champion Breweries followed with 49.918 million shares worth N126.293 million, while ETI traded 38.050 million shares valued at N269.208 million.
United Bank for Africa (UBA) traded 22.538 million shares valued at N181.401 million, while Fidelity Bank transacted 16.555 million shares worth N43.354 million.