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Stocks Market Records Mild Uptick In Performance

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…As ASI Up 0.03%

The NSE, All-Share Index (ASI) rose marginally by  0.03 per cent amid renewed bargain hunting activity, especially on high capitalised stocks.

The ASI gained 9.49 absolute points, representing a growth of 0.03 per cent to close at 32,228.50 points. Similarly, market capitalisation rose by N3 billion to close at N11.738 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, GlaxoSmithKline Consumer Nigeria (Glaxosmith), Stanbic IBTC Holdings, Flour Mills Nigeria and Unilevel Nigeria.

Analysts at Afrinvest Limited stated that “despite yesterday’s positive performance, we retain our bearish market outlook over the near term as we do not see any potential drivers over the horizon.” 

Market breadth was negative, with 16 gainers versus 26 losers. Unity Bank recorded the highest price gain of 9.86 per cent, to close at 78 kobo per share. Glaxosmith followed with a gain of 9.55 per cent to close at N12.05, while Meyer gained by 9.09 per cent to close at 60 kobo per share.

Mutual Benefit Assurance went up by 8.70 per cent to close at 25, while Lafarge Africa appreciated by 8.67 per cent  to close at N16.30 per share.

On the other hand, CI Leasing and Lasaco Assurance  led the losers’ chart by 10 per cent, each to close at N2.52 and 27 kobo, respectively, Julius Berger followed with a loss of 9.92 per cent to close at N21.35, per share.

Ikeja Hotel depreciated by 9.69 per cent to close at N2.05 and Diamond Bank declined by 9.48 per cent to close at N1.05, per share.

Total volume traded appreciated by 44.3 per cent to 399.86 million shares, worth N2.24 billion, and traded in 2,880 deals.

Transactions in the shares of Ikeja Hotel topped the activity chart with 279.1 million shares worth N572.16 million. FBN Holdings followed with account of 19.55 million shares valued at N145.89 million, while Diamond Bank  traded 15.67 million shares cost N16.55 million.

FCMB Groups traded 13.1 million shares valued at N20.77 million, while United Bank for Africa (UBA) sold 9.01 million shares worth N71.89 million.

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