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Sustained bargain-hunting pushes index further by 0.05 per cent


Following sustained bargain hunting in most blue-chip stocks, trading on the Nigerian Stock Exchange (NSE), reopened upbeat, yesterday, causing the All-Share Index (ASI), to rise by 0.05 per cent.

At the close of transactions Monday, the ASI increased by 13.64 absolute points or 0.05 per cent growth to close at 25,605.59 points. Similarly, the overall market capitalisation gained N7 billion to close at N13.358 trillion.

The upturn was impacted by gains recorded in large and medium capital stocks, including Chemical and Allied Products Plc (CAP), Dangote Cement, Lafarge Africa, Neimeth International Pharmaceuticals, and Guaranty Trust Bank.
Analysts at United Capital Plc predicted buying interest in the equity market amid anticipated sizable maturities in the debt market scheduled to hit the system.
Analysts at Afrinvest Limited said: “Given the bearish performance last week, we expect investors to take positions in blue-chips. However, there is room for profit-taking.”
The market breadth closed positive as 17 stocks posted gains while 16 stocks declined. Neimeth International Pharmaceuticals recorded the highest price gain of 9.55 per cent to close at N1.95 per share.
Royal Exchange followed with 7.14 per cent to close at 30 kobo, while Consolidated Hallmark Insurance rose by 6.90 per cent to close at 31 kobo, per share. CAP advanced 6.67 per cent to close at N16.80, and Regency Alliance Insurance appreciated by 4.35 per cent to close at 24 kobo, per share.
On the other hand, International Breweries led the losers’ chart by 8.57 per cent to close at N3.50 per share. UACN Property Development Company followed with 8.42 per cent to close at 87 kobo.
FCMB Group shed 7.73 per cent to close at N2.03 per share. Fidson Healthcare lost 5.41 per cent to close at N3.50, while Japaul Oil and Maritime Service slipped 4.76 per cent to close at 20 kobo, per share.
Also, the total volume traded increased by 20.82 per cent to 257.028 million shares worth N3.320 billion, traded in 3,567 deals.
Transactions in the shares of Custodian Investment topped the activity chart with 49.266 million shares valued at N236.492 million.
Guaranty Trust Bank followed with 29.556 million shares worth N739.213 million, while Lafarge Africa traded 23.580 million shares at N306.377 million.
FBN Holdings traded 19.629 million shares valued at N100.117 million, and Access Bank transacted 16.383 million shares worth N110.647 million.

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