Stock Market Stays Upbeat, Gains N152bn

The Nigerian stock market yesterday sustained the bullish trend for the third consecutive turn, with the overall capitalisation increasing by N152 billion.

The All Share Index (ASI) gained by 250.91 points, representing a growth of 0.25 per cent to close at 98,760.59 points. Also, market capitalisation gained N152 billion to close at N59.867 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Conoil, Lafarge Africa, Guinness Nigeria, Oando and PZ Cussons Nigeria.

Also, investor sentiment, as measured by market breadth was positive as 30 stocks advanced, while 21 declined. Conoil and Tantalizer recorded the highest price gain of 10 per cent each to close at N387.20 and N1.76 respectively, while Custodian Investment followed with a gain of 9.92 per cent to close at N13.85, per share.

Africa Prudential appreciated by 9.79 per cent to close at N15.70, while Golden Guinea Breweries up by 9.75 per cent to close at N7.88, per share.

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On the other hand, DAAR Communications led the losers’ chart by 8.47 per cent to close at 54 kobo, per share. Caverton Offshore Support Group followed with a decline of 8.16 per cent to close at N1.805, while Omatek Venture declined by 7.46 per cent to close at 62 kobo, per share.

ABC Transport depreciated by 7.41 per cent to close at N1.25, while Consolidated Hallmark Holdings declined by 7.11 per cent to close at N2.22, per share.

Also, the total volume traded increased by53.0 per cent to 320.102 million units, valued at N6.478 billion, and exchanged in 7,943 deals. Transactions in the shares of FCMB Group topped the activity chart with 77.632 million shares valued at N698.663 million. eTranzact International followed with 70.130 million shares worth N473.408 million, while Haldane McCall traded 47.829 million shares valued at N234.317 million.

Japaul Gold & Ventures traded 33.575 million shares valued at N73.789 million, while Secure Electronic Technology sold 16.746 million shares worth N8.778 million.