Bullish Sentiments Continue As Stock Gains N105bn

The Nigerian stock market yesterday closed on a positive note, as the bulls continued on the market amid price appreciations in FBN Holdings Plc and 33 others.

This is as the Central Bank of Nigeria (CBN) increased the benchmark rate by 50 basis points. The All-Share Index rose by 181.99 per cent, representing an increase of 0.18 per cent, to close at 98,568.59 points. Similarly, the overall market capitalisation value gained N105 billion to close at N56.641 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; FBN Holdings (FBNH), Fidelity Bank, United Bank for Africa (UBA), Wema Bank and Nigerian Breweries.

As measured by market breadth, market sentiment was positive, as 34 stocks gained while 22 stocks lost. FBNH recorded the highest price gain of 9.93 per cent to close at N31.00, per share. Ellah Lakes followed with a gain of 9.76 per cent to close at N3.71 and Fidelity Bank up by 9.70 per cent to close at N16.40, per share.

ABC Transport appreciated by 9.52 per cent to close at N1.15, while Wema Bank rose by 9.40 per cent to close at N8.15, per share. On the other hand, Oando led the losers’ chart by 10 per cent to close at N72.00, per share. Okomu Oil followed with a decline of 9.98 per cent to close at N376.00, while Caverton Offshore Support Group lost 9.88 per cent to close at N3.65, per share.

Multiverse Mining and Exploration declined by 9.82 per cent to close at N10.10, while Fidson Healthcare declined by 9.74 per cent to close at N15.75, per share.

The total volume traded declined by 9.73 per cent to 763.000 million units, valued at N11.781 billion, and exchanged in 12,081 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 126.085 million shares valued at N2.009 billion. Transnational Corporation (Transcorp) followed with 103.398 million shares worth N1.168 billion, while United Bank for Africa (UBA) traded 73.538 million shares valued at N1.857 billion.

Caverton Offshore Support Group traded 43.675 million shares valued at N181.486 million, while Ellah Lakes transacted 42.139 million shares worth N156.293 million.