Bulls sustain dominance pushes market capitalisation further to N106b
The bulls sustained dominance at the end of yesterday’s transactions on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks joined the gainers’ league, causing market capitalisation to appreciate further by N106 billion.
Yesterday, 46 stocks appreciated in price, while only two constituted the losers chart. The All Share Index (ASI) rose by 202.33 points or 0.70 per cent to 28,980.29 points. Also, investors gained N106 billion in value as market capitalisation climbed to N15.148 trillion.
The upturn was impacted by gains recorded in medium and large capital stocks, including Flour Mills of Nigeria, Conoil, Guinness Nigeria, Cadbury Nigeria, and Guaranty Trust Bank.
Analysts at Vetiva Dealing and Brokerage Limited said:
“Following the downward performance recorded last week due to the civil unrest in a number of states, the domestic bourse has continued to witness a renewed interest as investors’ continued to take positions in a number of attractive counters.
“With all sectors closing the day in the green, coupled with the significant improvement in investors’ sentiment (evidenced by the strong positive market breadth), we expect today’s (yesterday) positive performance to filter into tomorrow’s session (today), barring any external events capable of dampening investor’s confidence.”
Market sentiment, as measured by market breadth, closed positive with 46 stocks recording gains relative to two losers. Linkage Assurance witnessed the highest price gain of 10 per cent to close at 44 kobo per share.
Conoil followed with a 9.81 per cent gain to close at N17.35, while Northern Nigeria Flour Mills rose 9.79 per cent to close at N4.60, per share.
Portland Paints and Products Nigeria advanced 9.76 per cent to close at N2.25, and Livestock Feeds garnered 9.68 per cent to close at 68 kobo, per share.
On the other hand, Wema Bank led the losers’ chart by 1.72 per cent to close at 57 kobo, while NEM Insurance followed with 1.46 per cent to close at N2.03, per share.
The total volume of trade also increased by 13.1 per cent to 385.599 million units, valued at N2.914 billion exchanged in 5,283 deals. Transactions in the shares of FBN Holdings topped the activity chart with 81.781 million shares valued at N505.527 million.
Access Bank followed with 50.721 million shares worth N391.235 million, while Fidelity Bank traded 35.187 million shares at N75.105 million.
Ecobank Transnational Incorporated (ETI) traded 24.146 million shares valued at N121.172 million, and United Bank for Africa (UBA) transacted 20.491 million shares worth N147.116 million.