Sustained bargain-hunting lifts stock index further by 0.18%
At the close of transactions Wednesday, the ASI rose by 46.05 absolute points, a 0.18 per cent growth to close at 25,460.00 points. Similarly, the overall market capitalisation gained N24 billion to close at N13.282 trillion.
The upturn was impacted by gains recorded in large and medium capital stocks, including Stanbic IBTC Holdings, Nigerian Breweries, Guinness Nigeria, Flour Mills of Nigeria, and Zenith Bank.
Analysts at Afrinvest Limited, said: “We expect the soft gains to be sustained for the rest of the week on the back of improved investor appetite.”
Market sentiment, as measured by the market breadth, was positive, as 18 stocks gained relative to 11 losers. Cornerstone Insurance recorded the highest price gain of 8.33 per cent to close at 65 kobo per share.
Union Diagnostic and Clinical Services followed with eight per cent to close at 27 kobo, while Regency Alliance Insurance Company rose by 4.35 per cent to close at 24 kobo, per share.
Sterling Bank advanced 4.17 per cent to close at N1.25, and Transnational Corporation of Nigeria (Transcorp) appreciated by 3.51 per cent to close at 59 kobo, per share.
On the other hand, Academy Press and The Initiates Plc led the losers’ chart by 10 per cent each, to close at 27 kobo and 63 kobo, respectively, while AXA Mansard Insurance followed with 9.24 per cent fall to close at N1.67, per share.
UACN Property Development Co. lost 8.70 per cent to close at 84 kobo, and GlaxoSmithKline Consumer Nigeria shed 4.90 per cent to close at N4.85, per share.
However, the total volume traded fell by 83.15 per cent to 181.321 million shares worth N1.122 billion, traded in 3,408 deals. Transactions in the shares of Transcorp topped the activity chart with 26.795 million shares valued at N15.382 million.
Regency Alliance Insurance Company followed with 20.309 million shares worth N4.574 million, and United Bank for Africa (UBA) traded 13.295 million shares valued at N86.209 million.
Zenith Bank traded 13.048 million shares at N220.666 million, while Royal Exchange transacted 8.754 million shares worth N2.847 million.
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