Stock market sustains gaining streak as indices appreciate further by N20b
The equities market maintained a positive streak at the end of yesterday’s transactions, as more high capital stocks recorded price appreciation, causing investors wealth to grow further by N20 billion.
Specifically, at the close of transactions Wednesday, the All Share Index (ASI) increased by 38.37 absolute points, a growth of 0.15 per cent to close at 25,330.10 points. Similarly, the market capitalisation rose by N20 billion to close at N13.214 trillion.
The uptrend was impacted by gains recorded in large and medium value stocks, including Stanbic IBTC Holdings, Northern Nigeria Flour Mills (NNFM), UAC of Nigeria (UACN), Vitafoam Nigeria, and Guinness Nigeria.
Analysts said the seeming bull trend at the market has continued to defy the impact of the recently-released second quarter, GDP 2020 report.
They noted that the 2019 full-year corporate earnings and payout supported the positive trend before the ongoing half-year earnings-reporting season, with companies posting better-than-expected numbers to sustain the sentiments despite profit-booking at intervals.
Analysts at Afrinvest Securities, said: “Following a six day consecutive bullish streak, we expect to see some profit-taking in subsequent trading days.”
Market breadth closed positive, with 24 gainers versus eight losers. FTN Cocoa Processors recorded the highest price gain of 10 per cent to close at 22 kobo per share.
NNFM followed with a gain 9.76 per cent to close at N4.50, while University Press rose 9.56 per cent to close at N1.49, per share.
Champion Breweries advanced 7.06 per cent to close at 91 kobo, and UACN garnered 6.48 per cent to close at N5.75, per share.
On the other hand, Cornerstone Insurance led the losers’ chart by 9.68 per cent to close at 56 kobo per share. Africa Prudential followed with 6.67 per cent to close at N4.20, while Wapic Insurance lost 2.94 per cent to close at 33 kobo, per share.
Learn Africa slipped 2.73 per cent to close at N1.07, while Custodian Investment shed 2.04 per cent each to close at N4.80, per share.
However, the total volume traded declined by 28.09 per cent to 180.733 million shares, worth N1.355 billion, and traded in 3,411 deals.
Transactions in the shares of Fidelity Bank topped the activity chart with 26.568 million shares valued at N47.272 million.
United Bank for Africa (UBA) followed with 19.478 million shares worth N125.969 million, while Access Bank traded 18.953 million shares valued at N121.290 million.
FBN Holdings (FBNH) traded 17.828 million shares at N89.196 million, and Zenith Bank transacted 10.204 million shares worth N172.792 million.
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