Stock market reverses losses as index rises by 0.03%
Following gains recorded by most blue-chip stocks, the Nigerian Stock Exchange (NSE) halted a five-day losing streak to close upbeat, yesterday, as the All-Share Index (ASI) appreciated by 0.03 per cent.
The ASI increased by 10.77 absolute points, representing a growth of 0.03 per cent to close at 40,164.86 points while the overall market capitalisation value gained N5 billion to close at N21.014 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; AIICO Insurance, Livestock Feeds, Flour Mills of Nigeria, Zenith Bank and Cutix.
Analysts at Afrinvest Limited, said: “We expect corporate earnings release to guide the direction of the market this week.”
As measured by market breadth, market sentiment remained negative, as 24 stocks declined, relative to 18 gainers.
AIICO Insurance and Livestock Feeds recorded the highest price gain of 7.14 per cent each, to close at N1.20 and N2.25, respectively, while Flour Mills of Nigeria followed with a gain 6.16 per cent to close at N31.00 kobo.
Zenith Bank went up by 4.84 per cent to close at N26.00, while Cutix appreciated by 4.65 per cent to close at N2.25. On the other hand, Sunu Assurances led the losers’ chart by 9.88 per cent to close at 73 kobo.
Lasaco Assurance followed with a decline of 9.87 per cent to close at N1.37, while Africa Prudential lost 9.85 per cent to close at N5.95 kobo.
Associated Bus Company lost 8.57 per cent to close at 32 kobo, while University Press shed 8.53 per cent to close at N1.18 kobo.
The total volume of trades increased by 16.8 per cent to 337.955 million units, valued at N3.845 billion, and exchanged in 5,232 deals.
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 64.588 million shares valued at N471.801 million.
Zenith Bank followed with 52.673 million shares worth N1.341 billion, while Transnational Corporation of Nigeria (Transcorp) traded 41.988 million shares valued at N38.119 million.
United Capital traded 20.968 million shares valued at N128.224 million, while United Bank for Africa transacted 18.147 million shares worth N153.24 million.