Bullish Trading Continues As Investors Gain N246bn

The Nigerian stock market, yesterday, extended its winning streak for the third consecutive session as buy interest in Dangote Sugar Refinery Plc and 30 others pushed the overall capitalisation up by N246 billion.
The All-Share Index (ASI) gained 435.00 points, representing a gain of 0.44 per cent to close at 98,818.04 points. Also, market capitalisation rose by N246 billion to close at N55.900 trillion.

The positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Sugar Refinery, NASCON Allied Industries, Nigerian Exchange Group, Zenith Bank and FBN Holdings (FBNH).

Market breadth closed positive as 31 stocks gained relative to 15 losers. Abbey Mortgage Bank emerged the highest price gainer of 9.76 per cent to close at N2.70, per share. NASCON Allied Industries followed with a gain of 9.66 per cent to close at N40.85, while FCMB Group rose by 9.63 per cent to close at N7.40, per share.

International Breweries increased by 9.59 per cent to close at N4.00, while Dangote Sugar Refinery added 9.56 per cent to close at N47.00, per share.

On the other side, International Energy Insurance led the losers’ chart with 9.68 per cent to close at N1.40, per share. Jaiz Bank followed with a decline of 6.52 per cent to close at N2.15, while Tantalizer shed 6.00 per cent to close at 47 kobo, per share.

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NPF Microfinance Bank depreciated by 5.88 per cent to close at N1.60, while Fidson Healthcare down by 5.40 per cent to close at N14.90, per share.

The total volume traded declined by 7.3 per cent to 518.948 million units, valued at N4.767 billion, and exchanged in 7,781 deals. Transactions in the shares of Abbey Mortgage Bank led the activity with 230.346 million shares worth N621.912 million. Access Holdings followed with an account of 80.993 million shares valued at N1.392 billion, while United Bank for Africa (UBA) traded 23.901 million shares valued at N541.687 million.

FCMB Group traded 18.657 million shares worth N133.164 million, while Fidelity Bank traded 16.379 million shares worth N154.845 million.