Sustained bargain-hunting push index further by 0.39%
Sustained appetite in the shares of most highly capitalised stocks lifted transactions on the equity sector of the Nigerian Stock Exchange (NSE), as the All-Share index (ASI) increased further by 0.39 per cent.
At the close of trading yesterday, the ASI rose by 104.12 absolute points, a 0.39 per cent growth to close at 26,611.96 points. Similarly, the overall market capitalisation size gained N55 billion to close at N13.908 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, including Seplat, BUA Cement, MTN Nigeria Communications, Dangote Sugar Refinery, and Zenith Bank.
Capital market analysts said the uptrend in the market is as a result of investor activities, especially smart money positioning in value stocks with a history of consistent dividend payment ahead of the third quarter (Q3) earnings reporting season, and reaction to the latest rate cut by the Central Bank of Nigeria (CBN).
Analysts at Afrinvest Limited, said: “We expect sustained buying interest in subsequent trading sessions as investors continue to take position in fundamentally sound stocks ahead of earnings releases.”
Market breadth closed positive, with 16 gainers versus 11 losers. University Press recorded the highest price gain of 7.55 per cent to close at 57 kobo per share. AIICO Insurance followed with a gain 6.33 per cent to close at 84 kobo, while Africa Prudential rose by four per cent to close at N4.68, per share.
BUA Cement rose 3.34 per cent to close at N41.75, and AXA Mansard Insurance appreciated by 3.26 per cent to close at N1.90, per share.
On the other hand, eTranzact International led the losers’ chart by 9.96 per cent to close at N2.35 per share. Cornerstone Insurance followed with 8.45 per cent fall to close at 65 kobo, while Lafarge Africa lost 6.25 per cent to close at N15.00, per share.
Learn Africa slipped 6.14 per cent to close at N1.07, and UACN Property Development Company shed 3.33 per cent each to close at 87 kobo, per share.
Also, the total volume traded rose by 22.64 per cent to 413.104 million shares worth N4.528 billion, traded in 4,681 deals. Transactions in the shares of Zenith Bank topped the activity chart with 90.882 million shares valued at N1.585 billion. Sterling Bank followed with 82.315 million shares worth N98.839 million, and United Bank for Africa (UBA) traded 56.680 million shares at N344.36 million.
FBN Holdings (FBNH) traded 34.617 million shares valued at N183.011 million, while FCMB Group transacted 24.459 million shares worth N51.330 million.
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