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Investors Gain N300bn As Equities Market Rebounds

Trading at the Nigerian equities market yesterday closed positive for the first time this week with a gain of N300 billion translating to 1.68 per cent, following buy interest in high capital stocks.

The All-Share Index (ASI) increased by 575.18 absolute points, representing a growth of 1.68 per cent to close at 34,818.01 points. Similarly, investors gained N300 billion as market capitalisation advanced to N18.193 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Lafarge Africa, Dangote Sugar Refinery and Zenith Bank.

Analysts at Afrinvest Limited expected sustained buy interest in the next trading session on strong investors’ sentiment.

Market sentiment, as measured by market breadth, was positive with 38 stocks recorded gains relative to eight losers. Linkage Assurance and Sterling Bank recorded the highest price gain of 10 per cent each, to close at 55 kobo and N2.09, respectively, while Lafarge Africa followed with a gain 9.55 per cent to close at N24.10, per share.

Honeywell Flour Mill went up by 9.43 per cent to close at N1.16, while Associated Bus Company appreciated by 9.38 per cent to close at 35 kobo, per share. On the other hand, Cornerstone Insurance led the losers’ chart by 8.62 per cent, to close at 53 kobo, while Regency Alliance Insurance followed with a decline of 8.33 per cent to close at 22 kobo, per share.

Mutual Benefits Assurance and Union Diagnostic and Clinical Services declined by 7.14 per cent each to close at 26 kobo, each, while Unity Bank shed 6.98 per cent to close at 80 kobo, per share.

However, the total volume of trades declined by 92.94 per cent to 661.132 million units, valued at N8.298 billion and exchanged in 7,324 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 160.581 million shares valued at N172.163 million. Guaranty Trust Bank followed with 70.682 million shares worth N2.620 billion, while Zenith Bank traded 57.304 million shares valued at N1.539 billion.

Access Bank traded 55.177 million shares valued at N491.877 million, while FBN Holdings (FBNH) transacted 37.622 million shares worth N295.922 million.

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