Stock Market Rises By N138bn Amid Sustained Bullish Activity

For the third consecutive session, the Nigerian stock market, yesterday maintained the bull run bringing the overall capitalisation up by N138 billion on sustained buying interest in Stanbic IBTC Holdings Plc and 32 others.

The All Share Index (ASI) gained by 252.06 points, representing a growth of 0.48 per cent to close at 52,621.19 points. Accordingly, market capitalisation rose by N138 billion to close at N28.653 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, PZ Cussons Nigeria, Unilever Nigeria, FBN Holdings (FBNH) and Zenith Bank.

Analysts at GTI Securities Limited said:  “stock trading activities progressed positive for yesterday after commencing the week strong. Swaying sentiments could however occur in the nearest future as investors wait on result of ongoing Monetary Policy Committee (MPC) meeting to decide on future portfolio mix.”

As measured by market breadth, market sentiment was positive as 33 stocks gained relative to 15 losers.

Transnational Corporation (Transcorp) recorded the highest price gain of 9.85 per cent to close at N2.90, per share. Tripple Gee & Company followed with a gain of 9.83 per cent to close at N3.24, while Unilever Nigeria rose by 9.70 per cent to close at N14.70, per share.

University Press went up by 9.63 per cent to close at N2.05 71, while Chams Holding Company appreciated by 9.38 per cent to close at 35 kobo, per share.

On the other hand, Chellarams led the losers’ chart by 9.94 per cent, to close at N1.63, per share. SUNU Assurance followed with a decline of 9.43 per cent to close at 48 kobo, while C & I Leasing declined by 8.83 per cent to close at N3.20, per share

Japaul Gold & Ventures depreciated by 5.71 per cent to close at 33 kobo and Cadbury Nigeria declined by 5.48 per cent to close at N16.40, per share.

The total volume traded increased by 11.2 per cent to 350.974 million units, valued at N5.169 billion, and exchanged in 5,946 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 62.448 million shares valued at N511.061 million.

Zenith Bank followed with 58.999 million shares worth N1.583 billion, while Guaranty Trust Holding Company (GTCO) traded 31.707 million shares valued at N875.105 million.

Access Holdings traded 19.478 million shares valued at N203.077 million, while Transcorp sold 17.801 million shares worth N50.100 million.