Following successive decline in the previous five trading sessions, the Nigeria equities market yesterday saw positive reaction from investors, as the market performance indicators grew by 0.39 per cent amid bargain hunting on some middle and large capitalised stocks.
The All Share Index (ASI) rose by 105.95 points or 0.39 per cent to 27,153.53 points. Accordingly, investors gained N52 billion in value as market capitalisation went up to N13.210 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), Cement Company of Northern Nigeria (CCNN), May and Baker Nigeria and FCMB Group.
Analysts at Afrinvest Limited said that “Despite the positive performance of the benchmark index yesterday, we expect market performance to be bearish in subsequent sessions in the absence of any market catalyst. Nevertheless, we do not rule out the possibility of bargain hunting activities.”
Market breadth closed positive as 19 stocks recorded gains relative to 13 losers. May and Baker Nigeria recorded the highest price gain of 10 per cent, to close at N2.09, per share. Union Diagnostic & Clinical Services followed with a gain 8.70 per cent to close at 25 kobo, while UACN Property Development Company appreciated by 5.93 per cent to close at N1.25, per share.
FCMB Group went up by 5.81 per cent to close at N1.64, while Seplat appreciated by 5.63 per cent to close at N450, per share.
On the other hand, Chams and Livestock Feeds led the losers’ chart by 7.69 per cent each, to close at 24 kobo and 39 kobo, respectively, while Linkage Assurance followed with a decline of 5.77 per cent to close at 49 kobo, per share.
Aiico Insurance lost 4.69 per cent to close at 61 kobo, while AXA Mansard Insurance shed 2.78 per cent to close at N1.75, per share.
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