Sustained bargain-hunting lifts stock index further by 0.18%

Amid sustained bargain-hunting, the equities market continued in an upward note yesterday, causing the All-Share Index (ASI) to appreciate further by 0.18 per cent.
   
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.
 

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.