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Stocks Market Gains N417bn On Continuing Demand

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By OLUSHOLA BELLO, Lagos

The Nigerian stocks market began the week, yesterday, bullish on the back of continuing demand from investors.

In summary, the All Share Index (ASI) gained 1,206.75 absolute points, representing a growth of 3.85 per cent to close at 32,578.38 points. Similarly, the market capitalisation gained N417 billion to close at N11.26 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Mobil, Flourmills, Dangote Cement, Access Bank, Okomu Oil, Presco, Wapco, Nestle, Total, Zenith Bank and Guaranty Trust Bank.

Analysts said, “Going into the week, stocks are due for a slight pullback given recent winning streak. However, baring the event of any headline risk that may trigger panic selling, we expect strong buying interest to keep sentiments upbeat.”

Market breadth was positive, with 44 gainers versus 13 losers. Mobil recorded the highest price gain of 10.25 per cent, to close at N319.72 per share. Conoil followed with a gain of 10.23 per cent to close at N41.17, while Flourmill appreciated by 10.19 per cent to close at N25.51 per share.

FBN Holdings went up by 10.12 per cent to close at N7.07 and Custodian and Allied Insurance rose by 9.72 per cent to close at N3.95 per share.  On the other hand, Union Dicon led the losers’ chart by 4.95 per cent, to close at N13.45 per share. CI Leasing followed with a decline of 4.55 per cent to close at 63 kobo, while Jaiz Bank declined by 4.40 per cent to close at 87 kobo per share.

Cutix depreciated by 4.27 per cent to close at N2.02 and Thomas Waytt declined by 3.70 per cent to close at 52 kobo per share.

However, the total volume traded depreciated by 9.59 per cent to 640.439 million shares, worth N7.675 billion, and traded in 7,024 deals. Transactions in the shares of FBN Holdings topped the activity chart with 90.56 million shares valued at N639.16 million.





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