Stock market reverses three day losing streak, up by 0.7 per cent

The bulls managed to get a stronghold, thereby halting a three-day losing streak yesterday on the equity sector of the Nigerian Stock Exchange (NSE), following price gains recorded by most blue-chip companies, as the all-share index rose by 0.7 per cent.

Specifically, at the close of transactions yesterday, the All Share Index (ASI), increased by 244.15 absolute points, representing a growth of 0.65 per cent to close at 37,743.22 points.

Similarly, the market capitalisation was up by N88billion to close at N13.673trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Cement Company of Northern Nigeria (CCNN), Julius Berger, and Dangote Sugar.

Analysts at APT Securities and Funds Limited said: “the equities market has flipped to a green page after three consecutive losses. Nonetheless, we expect the market to close red week-on-week (WoW), as capitalised stocks have shed much weight within the trading.”

Market breadth closed positive, recording 23 gainers against 20 losers.

Dangote Cement emerged the day’s highest price gainer with 2.24 per cent to close at N228 per share, while Nigerian Breweries followed with 1.80 per cent to close at N113 per share.

Cement Company of Northern Nigeria increased by 4.74 per cent to close at N24.30 per share. Julius Berger added 3.21 per cent to close at N28.95 per share. Dangote Sugar also garnered 3.54 per cent to close at N19.00 per share.

Mobil topped the losers’ chart with 7.89 per cent to close at N175.00 per share, while Flour Mills followed with 5.34 per cent to close at N31.00 per share. International Breweries lost 3.19 per cent to close at N41.00 per share.

UACN shed 2.52 per cent to close at N13.55 per share. NEM Insurance dropped 8.82 per cent to close at N3.10 per share.

Also, total volume traded declined by 0.52 per cent to 503.11 million shares, valued at N5.89billion, and exchanged in 3,710 deals.

Transactions in the shares of UBA topped the activity chart with 294.92 million shares valued at N3.05billion. Zenith Bank traded 38.3 million shares worth N930.66million and Access Bank transacted 34.4 million shares valued at N356.1 million.

Guaranty Trust Bank followed with 13.68 million shares worth N546.1million, while FBN Holdings traded 11.76 million shares valued at N123.5million.