Stock market sustains rising profile as index gains N22 billion

The bulls strengthened hold on the equities sector of the Nigerian Stock Exchange (NSE), extending rally to five consecutive trading sessions, and caused market capitalisation to increase further by N22 billion.
 
Precisely, at the reopening of transactions yesterday, the All-Share Index (ASI) increased by 44.36 absolute points, representing a growth of 0.16 percent to close at 27,035.78 points. Similarly, the overall market capitalisation gained N22 billion to close at N13.049 trillion.
 
Monday’s positive performance was propelled by Nestle Nigeria, Presco, Dangote Sugar Refinery, Cadbury Nigeria, and Guaranty Trust Bank. Analysts at Afrinvest Limited, expressed optimism that the local bourse will sustain gains as investors continue to take position in fundamentally-sound stocks, given the open market operation (OMO), and Treasury Bill (T-Bill) restrictions.
   
Market breadth closed positive, with 20 gainers versus 16 losers. Law Union & Rock Insurance recorded the highest price gain of 10 percent to close at 66 kobo per share.
   
Jaiz Bank followed with 9.52 percent to close at 69 kobo, while Presco rose 9.39 percent to close at N37.85, per share.
Neimeth International Pharmaceuticals edged 8.93 per cent to close at 61 kobo. Cadbury Nigeria appreciated by 8.89 per cent to close at N9.80, per share.
 
On the other hand, Okomu Oil led the losers’ chart with 9.73 per cent to close at N49.65, per share. Cutix followed with 9.52 per cent to close at N1.33, and FBN Holdings 7.33 to close at N6.95, per share. Cornerstone Insurance lost 7.14 percent to close at 78 kobo, while Livestock Feeds shed 5.66 percent to close at 50 kobo, per share.
 
The total volume traded increased by 11.3 percent to 230.65 million shares worth N3.207 billion, traded in 4,254 deals.Transactions in the shares of Zenith Bank topped the activity chart with 42.34 million shares valued at N798.19 million. Guaranty Trust Bank followed with 26.01 million shares worth N775.73 million.
 
FBN Holdings traded 19.75 million shares at N140.49 million.Transnational Corporation of Nigeria (Transcorp) traded 16.75 million shares valued at N17.21 million, while Fidelity Bank transacted 15.15 million shares worth N30.77 million.