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Bulls sustain dominance as indices appreciated further by N50 billion

The bulls maintained dominance on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks join the league of gainers, resulting to a further rise in market capitalisation by N50 billion .

Specifically, at the close of transactions yesterday, the All Share Index (ASI) increased by 95.49 absolute points or 0.38 per cent to close at 25,236.97 points. Similarly, investors gained N50 billion as market capitalisation rose to N13.165 trillion.

The upturn was impacted by gains recorded in medium and large capital stocks, including Nigerian Breweries, Unilever Nigeria, MTNN, Stanbic IBTC Holdings, and Flour Mills of Nigeria.

Analysts attributed the positive trend to renewed buying interests in high priced stocks, positive sentiment for rising crude oil prices at the international market, and hope for interim dividend.

For instance, analysts at Afrinvest Limited expect the market to close on a slightly bullish note for the week.Market sentiment, as measured by market breadth, closed negative as 15 stocks gained, relative to 18 losers. AXA Mansard Insurance recorded the highest price gain of 9.66 per cent to close at N1.59 per share.

Consolidated Hallmark Insurance followed with 8.82 per cent to close at 37 kobo, while Unilever Nigeria advanced 8.33 per cent to close at N13.00, per share.

Prestige Assurance rose by 8.16 per cent to close at 53 kobo, and Nigerian Breweries appreciated by 5.88 per cent to close at N36.00, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.90 per cent to close at 91 kobo per share. Academy Press followed with 8.97 per cent to close at 30 kobo, while Champion Breweries lost 8.97 per cent to close at 71 kobo, per share.

Unity Bank shed 8.47 per cent to close at 54 kobo, and Neimeth International Pharmaceuticals lost five per cent to close at N1.90, per share.

The total volume traded creased by 25.97 per cent to 258.082 million shares, worth N1.678 billion, and traded in 3,640 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 105.499 million shares valued at N429.954 million.Zenith Bank followed with 25.66 million shares worth N429.954 million, while Chams traded 22.937 million shares at N4.827 million.

Guaranty Trust Bank traded 12.533 million shares valued at N311.022 million, while FBN Holdings (FBNH) transacted 7.842 million shares worth N39.592 million.

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