Sustained bargain-hunting pushes index further by 0.18%

2 months ago

Following sustained bargain-hunting in some blue-chip stocks, trading on the Nigerian Stock Exchange (NSE), closed upbeat yesterday, as All Share Index (ASI) appreciated further by 0.18 per cent.

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Specifically, at the close of transactions Wednesday, the ASI gained 43.57 absolute points or 0.18 per cent to close at 24,693.73 points. Similarly, the market capitalisation gained N23 billion to close at N12.882 trillion.

The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks, SEPLAT Petroleum Development Company, BUA Cement, UAC of Nigeria (UACN), PZ Cussons Nigeria, and GlaxoSmithKline Consumer Nigeria.

Analysts at Afrinvest Limited noted that “The performance of the market this week was majorly dictated by the trend in earnings releases.”

Market breadth closed positive, 18 stocks posted gains while 14 declined. Cornerstone Insurance and Seplat recorded the highest price gain of 10 per cent each, to close at 55 kobo and N310.20, respectively.

Prestige Assurance followed with 8.70 per cent gain to close at 50 kobo per share. PZ Cussons Nigeria rose 5.13 per cent to close at N4.10, and Mutual Benefits Assurance advanced 4.55 per cent to close at 23 kobo, per share.

On the other hand, NPF Microfinance Bank led the losers’ chart by 9.92 per cent to close at N1.18 per share. Arbico Plc followed with 9.74 per cent fall to close at N1.39, while Studio Press Nigeria slipped 9.55 to close at N1.80, per share.

Nigerian Aviation Handling Company (NAHCO) lost 4.76 per cent to close at N2.00, and Japaul Oil and Maritime Services shed 4.35 per cent to close at 22 kobo, per share.

However, the total volume of trade dipped 32.46 per cent to 101.587 million units worth N973.637 million, exchanged in 3,685 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 10.869 million shares valued at N49.142 million.

FBN Holdings followed with 9.716 million shares worth N49.142 million, while United Bank for Africa (UBA) traded 9.446 million shares at N58.598 million.

Ecobank Transnational Incorporated (ETI) traded 6.081 million shares valued at N25.428 million, and Sterling Bank transacted 5.870 million shares worth N6.991 million.

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