Amid sustained bargain hunting activity, the Nigerian stocks market commenced the trading week yesterday on a positive note as investors responded favourably to companies’ positive half year results which continued to trickle in.
In summary, the All Share Index (ASI) gained 309.08 absolute points, representing a growth of 0.84 per cent to close at 36,946.05 points. Similarly, the market capitalization gained N112 billion to close at N13.384 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Flour Mills Nigerian Stanbic IBTC Groups, Forte Oil and Nestle Nigeria.
Analysts at United Capital Plc stated that “this week, we expect investors to hunt for more bargain in banking stocks ahead of their second quarter, 2018 corporate earnings release. Also, we do not rule out the possibility of profit taking activities later in the week.”
Market breadth closed positive, with 31 gainers versus 22 losers. Mutual Benefit Assurance and Seplat recorded the highest price gain of 10 per cent each, to close at 33 kobo and N687.50 per share, respectively.
Northern Nigeria Flour Mills gained by 9.92 per cent to close at N7.20 and Neimeth International Pharmaceuticals and Oando rose by 9.52 per cent each, to close at 46 kobo and N5.75 per share, respectively.
On the other hand, Conoil and Pharma Deko led the losers’ chart by 10 per cent each, to close at N24.30 and N1.98 respectively, while Med-View Airline followed with a loss of 9.81 per cent to close at N1.93 per share.
Red Star express shed 9.68 per cent to close at N5.60, while Transcorp Hotel depreciated by 9.40 per cent to close at N6.75 per share.
The total volume traded appreciated marginally by 0.83 per cent to 319.40 million shares, worth N3.05 billion, and traded in 4,091 deals. Transactions in the shares of Med-View Airline topped the activity chart with 100.01 million shares valued at N193.02 million. Sterling Bank followed with 34.03 million shares worth N47.17 million, while UBA traded 32.51 million shares valued at N316.1 million.
Transnational Corporation of Nigeria (Transcorp) traded 29.26 million shares valued at N37.64 million, while FBN Holdings transacted 12.53 million shares worth N124.85 million.
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