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Stock market upbeat as index rises by N69 billion

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Following price gains recorded by most bellwethers, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened in upbeat yesterday, as market capitalisation appreciated by N69billion.
   
Specifically, at the reopening of transactions, after a one-day public holiday declared by the Federal government to mark the Eid-el Maulud celebration, the market capitalisation of listed stocks increased by 0.54 per cent to N12.878trillion from N12.809 trillion traded on Friday.
   
Similarly, the NSE All-Share Index also edged up by 141.90 basis points to 26456.39 from 26314.49 points last traded.
Investors exchanged 378.346 million shares valued at N7.150 billion in 4798 deals against 432.474 million shares valued at N5.578 billion in 4002 deals.

   
Analysts at Vetiva Dealing and Brokerage Limited said: “Barring negative price movement in large-cap stocks, we expect the market to continue its upward trajectory as the local bourse continues to experience positive/strong sentiment and renewed buying interest. However, the possibility of profit-taking on gains made in recent sessions cannot be ignored.”
   
Further review of Tuesday’s transactions showed that Cement Company of Northern Nigeria led the gainer’s table with N1.60 kobo to close at N19.10 kobo per share.
   
Dangote Cement industry followed with N1.40 kobo to close at N147.20 kobo, and Nigerian Breweries N0.70 kobo to close at N47.20 kobo, per share.

Access Bank added N0.35 kobo to close at N9.55 kobo, while UACN gained N0.30 kobo to close at N6.50 kobo, per share.
   
On the contrary, Lafarge Wapco recorded the highest loss during the day, shedding N0.55 kobo to close at N14.15 kobo, FBNHoldings trailed with a loss of 0.20 kobo to close at N5.60 kobo, per share.
 
Ecobank Transnational Incorporated fell N0.10 kobo to close at N6.90 kobo, and Ikeja Hotel down by N0.09 kobo to close at N0.88 kobo, while FCMB group declined by N0.06 kobo to close at N1.80 kobo, per share.
   
Zenith Bank Plc was the toast for investors and accounted for 86.545 million shares valued at N1.520 billion, Access Bank followed with 73.034 million shares worth N682.919 million.
   
Guaranty Trust Bank sold 37.134 million shares cost N1.058 billion, Nigerian Breweries 36.019 million shares worth N1.699 billion, while Fidelity Bank traded 17.706 million shares at N33.150 million.


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