Bargain Hunting Spurs Gains As Equities Up By N508bn

The Nigerian equities market yesterday closed on a positive note as price appreciation in MTN Nigeria Communications (MTNN) and 26 others pushed the overall capitalisation up by N508 billion.

The All Share Index (ASI) gained by 831.91 points, representing a growth of 0.80 per cent to close at 104,230.73 points. Accordingly, market capitalisation rose by N508 billion to close at N63.559 trillion.
Analysts at Afrinvest Limited stated that “tomorrow, we expect the market to sustain gains due to bargain opportunities.”

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications, Transnational Corporation (Transcorp), Vitafoam Nigeria, Africa Prudential and FBN Holdings.

As measured by market breadth, market sentiment closed negative as 27 stocks gained relative to 28 losers. Transcorp and MTNN recorded the highest price gain of 10 per cent each to close at N49.50 and N220.00 respectively, while Honeywell Flour Mills followed with a gain of 9.95 per cent to close at N8.29, per share.

AIICO Insurance went up by 9.94 per cent to close at N1.88, while LivingTrust Mortgage Bank appreciated by 9.82 per cent to close at N4.81, per share. On the other hand, SUNU Assurance led the losers’ chart by 9.99 per cent, to close at N9.01, per share. Universal Insurance followed with a decline of 8.79 per cent to close at 71 kobo, while Secure Electronic Technology declined by 8.11 per cent to close at 68 kobo, per share.

Consolidated Hallmark Holdings depreciated by 5.82 per cent to close at N3.40 and C&I Leasing declined by 5.65 per cent to close at N4.01, per share.

The total volume traded dipped by 32 per cent to 756.418 million units, valued at N24.692 billion, and exchanged in 13,551 deals. Transactions in the shares of FBNH topped the activity chart with 125.714 million shares valued at N3.608 billion. Tantalizers followed with 82.392 million shares worth N195.746 million, while Universal Insurance traded 56.615 million shares valued at N40.562 million.

AIICO Insurance traded 54.331 million shares valued at N101.106 million, while Chams Holding Company sold 33.149 million shares worth N72.484 million.