Bargain Hunting Sparks Stock Market Recovery By N917bn

The Nigerian stock market bounced back strongly after previous day losses, with bargain hunting boosting market value by N917 billion.

The All Share Index (ASI) gained by 1,430.59 points, representing a growth of 0.57 per cent to close at 251,635.42 points. Accordingly, market capitalisation rose by N917 billion to close at N161.280 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Skyway Aviation Handling Company, Custodian Investment, Stanbic IBTC Holdings and First Holdco.

On market outlook, Cowry Assets Management Limited said, “the market is expected to sustain its bullish momentum as investors continue to reposition their portfolios, underpinned by the broadly positive sentiment currently surrounding the Nigerian equities market.”

Market breadth was negative, as 33 decliners outpaced 26 advancers. FTN Cocoa Processors recorded the highest price gain of 10 per cent to close at N9.79, per share.

Zichis Agro Allied Industries followed with a gain of 9.97 per cent to close at N29.13, while Skyway Aviation Handling Company rose by 9.79 per cent to close at N156.95, per share.

Caverton Offshore Support Group went up by 9.76 per cent to close at N6.75, while Japaul Gold & Venture appreciated by 9.73 per cent to close at N3.72, per share.

On the other hand, Unilever Nigeria led the losers’ chart by 10.00 per cent, to close at N153.00, per share. Trans-Nationwide Express followed with a decline of 9.92 per cent to close at N6.99, while Sovereign Trust Insurance declined by 9.81 per cent to close at N2.39, per share.

McNichols depreciated by 9.26 per cent to close at N7.25 and Austin Laz & Company declined by 7.28 per cent to close at N4.20, per share.

Meanwhile, the total volume traded declined by 12.06 per cent to 703.953 million units, valued at N32.149 billion, and exchanged in 64,539 deals. Transactions in the shares of Access Holdings topped the activity chart with 88.409 million shares valued at N2.257 billion. Linkage Assurance followed with 46.234 million shares worth N83.542 million, while Sterling Financial Holdings Company traded 44.911 million shares valued at N349.298 million.

Secure Electronic Technology traded 35.033 million shares valued at N31.625 million, while Zenith Bank sold 30.398 million shares worth N3.992 billion.