Stock market upbeat as index records marginal appreciation

Trading on the Nigerian Exchange Limited (NGX) sustained a rising profile, following gains recorded in most blue-chip stocks. The all-share index (ASI) appreciated by 0.01 per cent.

At the close of transactions yesterday, the ASI grew by 3.46 absolute points, representing a growth of 0.01 per cent to close at 39,131.8 points. Market capitalisation also gained by N1 billion to close at N20.479 trillion.

The upward trend was sustained, following buy-interest in the oil and gas sector. The sectorial index advanced 0.2 per cent following the price uptick in Oando Plc.

Analysts at Vetiva Dealing & Brokerage said: “Following four consecutive sessions of positive closes in the market, expect the week to end on a mixed note, as some investors take profits on earlier gains in the banking sector.”

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; PZ Cussons Nigeria, United Bank for Africa (UBA), UAC of Nigeria, Cutix and Oando.

Consequently, the market breadth closed positive, as 17 stocks appreciated while 15 constituted the losers’ chart. Cutix recorded the highest price gain of seven per cent to close at N2.14 kobo. PZ Cussons Nigeria followed with a gain 6.93 per cent to close at N5.40 kobo. Linkage Assurance appreciated by five per cent to close at 84 kobo.

Courteville Business Solutions rose by 4.35 per cent to close at 24 kobo while Oando appreciated by 3.96 per cent to close at N3.15 kobo. On the other hand EkoCorp Plc led the losers’ chart by 10 per cent, to close at N5.40 kobo.

SUNU Assurances followed with a decline of 9.09 per cent, to close at 60 kobo, while Honeywell Flour Mill decreased by 8.45 per cent to close at N1.30 kobo.

Sovereign Trust Insurance shed eight per cent to close at 23 kobo, while Unity Bank depreciated by 6.78 per cent to close at 55 kobo.

However, the total volume of trades fell by 4.6 per cent to 228.112 million units valued at N2.636 billion and exchanged in 3,656 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 37.29 million shares valued at N1.162 billion.

Zenith Bank followed with 28.75 million shares worth N635.259 million, while FBN Holdings traded 22.313 million shares valued at N164.877 million.

Fidelity Bank traded 17.546 million shares valued at N39.04 million while UBA transacted 15.053 million shares worth N109.63 million.