The Nigerian equities market began a new trading week on a bullish note,yesterday, as gains recorded in Dangote Cement Plc helped in rebounding the market from previous losses.
In summary, the All Share Index (ASI) gained 129.59 points, representing a growth of 0.34 per cent to close at 37,992.12 points. Similarly, the market capitalisation gained N47 billion to close at N13.763 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Cement Company of Northern Nigeria (CCNN), Guaranty Trust Bank, Stanbic IBTC and Unilever Nigeria.
Analysts at United Capital Plc said that “in the week ahead, we see a market-wide bargain hunting as observed earlier in the month. Also, the outcome of OPEC’s (Organization of the Petroleum Exporting Countries) meeting which ended with a deal to reduce compliance from 152 per cent to the 100 per cent initially agreed. Our view is that this should have a marginal impact on prices with an overall positive implication for the Nigerian market.”
Market breadth achieved an equilibrium position with 21 symbols on both charts. Lasaco Assurance led the gainers table by 5.88 per cent to close at 36 kobo per share. CCNN followed with a gain of 4.85 per cent to close at N25.95, while Sterling Bank appreciated by 2.94 per cent to close at N1.40 per share.
Also, Vitafoam Nigeria went up by 2.94 per cent to close at N3.15 and Skye Bank rose by 2.90 per cent to close at 71 kobo per share.
On the other hand, Seplat Petroleum Development Company led the laggards’ table by 4.99 per cent to close at N650.80 per share. Chemical Allied Products (CAP) trailed with a loss of 4.89 per cent to close at N35, While Linkage Assurance shed 4.60 per cent to close at 83 kobo per share.
Prestige Assurance dipped by 4.55 per cent to close at 63 kobo, while Jaiz Bank went down by 4.48 per cent, to close at 64 kobo per share.
Also, total volume traded rose by 24.04 per cent to 207.41 million shares, valued at N3.42 billion, and exchanged in 3,822 deals. Transactions in the shares of UBA topped the activity chart with 43.71 million shares valued at N459.24 million. Honeywell Flour traded 16.89 million shares worth N34.23 million and Zenith Bank transacted 16.19 million shares valued at N418.66 million.
FBN Holdings followed with 12.56 million shares worth N133.72 million, while Sterling Bank traded 11.29 million shares valued at N15.39 million.
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