The Nigerian stock market, yesterday, closed transactions on a positive note to halt the bearish sentiment of two consecutive trading days, as capitalisation gained N382 billion.
Market analysts stated that, the upturn was buoyed by buy-interest on blue-chip stocks of the industrial, consumer goods, and banking sectors.
The All Share Index (ASI) increased by 733.30 absolute points, representing a growth of 1.89 per cent to close at 39,592.29 points. Similarly, the market capitalisation gained N382 billion to close at N20.628 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Presco, Northern Nigeria Flour Mills (NNFM) and FBN Holdings (FBNH).
Analysts at Afrinvest Limited said: “in the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend.”
Meanwhile, the market breadth closed positive, recording 24 gainers as against 14 losers. NNFM recorded the highest price gain of 6.88 per cent, to close at N8.55, per share.
FBNH followed with a gain 6.62 per cent to close at N8.05, while Dangote Cement appreciated by 6.53 per cent to close at N261.00, per share.
Nestle Nigeria went up by 6.36 per cent to close at N1,489, while Courteville Business Solutions appreciated by 6.06 per cent to close at 35 kobo, per share. On the other hand, Julius Berger Nigeria and AXA Mansard Insurance led the losers’ chart by 10 per cent each, to close at N24.30 and N2.43, respectively, while Greif Nigeria followed with a decline of 9.92 per cent to close at N5.45, per share.
Sovereign Trust Insurance shed 8.33 per cent to close at 22 kobo, while Consolidated Hallmark Insurance depreciated by 7.02 per cent to close at 53 kobo, per share.
The total volume traded decreased by 9.9 per cent to 474.371 million shares, worth N4.006 billion, and traded in 3,547 deals. Transactions in the shares of FBNH topped the activity chart with 264.690 million shares valued at N2.051 billion.
Universal Insurance followed with 76.666 million shares worth N15.333 million, while AXA Mansard Insurance traded 13.076 million shares valued at N31.832 million.
Zenith Bank traded 12.115 million shares valued at N283.269 million, while Fidelity Bank transacted 11.229 million shares worth N27.509 million.