Stock Market Investors Halt Bearish Trading, Gain N1bn

Mixed sentiments prevailed in the Nigerian stock market yesterday as investors investments went up by N1 billion.

The All Share Index (ASI) rose by 2.01 points, representing a gain of 0.004 per cent to 49,627.72 points. Accordingly, investors gained N1 billion in value as market capitalisation went up to N26.768 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Nigerian Exchange Group, Multiverse Mining and Exploration, NPF Microfinance Bank and Cutix.

On market outlook, GTI Securities Limited said: “domestic market records marginal growth as uncertainty trail investors’ activities. We expect cautious trading to continue pending any significant changes in the economic conditions.”

However, market breadth closed negative  as 16 stocks lost relative to 13 gainers.

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tiverse Mining and Exploration recorded the highest price gain of 9.69 per cent to close at N2.83, per share. NPF Microfinance Bank followed with a gain of 7.84 per cent to close at N1.65 and Pharma-Deko Plc went up 5.13 per cent to close at N2.05, per share.

Cutix up by 5.12 per cent to close at N2.26, while Fidelity Bank appreciated by 3.02 per cent  to close at N3.41, per share. On the other hand, Red Star Express led the losers’ chart by 10 per cent to close at N2.43, per share.  PCaverton Offshore Support Group  followed with a decline of 4.55 per cent to close at N1.05, while Livestock Feeds  lost 4.31 per cent to close at N1.11, per share.

Sovereign Trust Insurance declined 3.70 per cent to close at 26 kobo, while Lasaco Assurance shed 3.13 per cent to close at 93 kobo, per share.

The total volume of trades increased by 85.1 per cent to 160.244 million units, valued at N1.488 billion and exchanged in 3,847 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 26.736 million shares valued at N536.650 million. Courteville Business Solutions followed with 24.102 million shares worth N11.328 million, while Transnational Corporation of Nigeria (Transcorp)  traded 16.249 million shares valued at N16.992 million.

International Energy Insurance traded 12.768 million shares valued at N20.429 million, while Chams transacted 9.314 million shares worth N3.224 million.