Transactions on the Nigerian stock market yesterday closed on a bullish note, extending the positive sentiment to three consecutive trading sessions as investors’ wealth increased by N163 billion.
The price appreciation was buoyed by buy interest in large-cap stocks like Airtel Africa, MTN Nigeria Communications (MTNN) and 10 others, as market watchers continue to assess the published first half (H1) performance of some of the companies and await the release of more.
In summary, the All-Share Index (ASI) grew by 313.27 absolute points, representing an increase of 0.81 per cent, to close at 38,917.99 points. Similarly, the overall market capitalisation value grew by N163 billion to close at N20.277 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, MTNN, Unilever Nigeria, Guinness Nigeria and Cutix.
Analysts at Afrinvest Limited said: “in the next trading session, we anticipate a bullish performance on the domestic bourse to be driven by bargain hunting activities.”
However, the market breadth closed negatively, recording 26 losers as against 12 gainers. Wema Bank recorded the highest percentage gain of 5.95 per cent to close at 89 kobo, per share. UACN Property Development Company (UPDC) followed with a gain 5.93 per cent to close at N1.25, while Airtel Africa went up by 5.69 per cent to close at N650.00, per share.
Courteville Business Solutions rose by 4.17 per cent to close at 25 kobo, while Cutix gained 3.95 per cent to close at N5.00, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by 8.16 per cent to close at 45 kobo, per share.
Flour Mill followed with a decline of 7.78 per cent to close at N1.54, while Mutual Benefits Assurance lost 5.13 per cent to close at 37 kobo, per share.
Transnational Corporation of Nigeria (Transcorp) lost 5.10 per cent to close at 93 kobo, while Neimeth International Pharmaceuticals shed 5.06 per cent to close at N1.50, per share.
The total volume of trades fell by 5.3 per cent to 231.451 million units, valued at N2.133 billion, and exchanged in 4,651 deals. Transactions in the shares of Transcorp topped the activity chart with 17.477 million shares valued at N16.559 million.
Jaiz Bank followed with 16.583 million shares worth N10.236 million, while Honeywell Flour Mill traded 13.037 million shares valued at N19.966 million.
Wema Bank traded 11.356 million shares valued at N99.779 million, while Mutual Benefits Assurance transacted 11.105 million shares worth N4.010 million.