Bullish Trend Continues As Equities Investors Gain N6bn

The bulls prevailed on the Nigerian stock market yesterday with N6 billion, driven by sustained positive sentiments across Nigerian Breweries Plc and 22 others.

Consequently, the benchmark All Share Index (NGX-ASI) rose 10.82 points, representing a gain of 0.02 per cent to close at 71,025.16 points. Also, market capitalisation gained by N6 billion to close at N39.060 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Breweries, Northern Nigeria Flour Mills (NNFM), Fidson Healthcare, MTN Nigeria Communications and C&I Leasing.

However, market breadth closed negative as 23 stocks gained relative to 32 losers. DEAP Capital Management & Trust and Secure Electronic Technology emerged the highest price gainer of 10 per cent each to close at 44 kobo and 33 kobo respectively, while C&I Leasing followed with a gain of 9.95 per cent to close at N4.53, per share.

NNFM rose by 9.85 per cent to close at N21.75, while SCOA Nigeria appreciated by 9.82 per cent to close at N1.23, per share. On the other side, Associated Bus Company led others on the losers’ chart with 10 per cent to close at 90 kobo, per share. eTranzact International followed with a decline of 9.93 per cent to close at N6.80, while Thomas Wyatt Nigeria declined by 8.95 per cent to close at N3.46, per share.

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Guinea Insurance lost 8.33 per cent to close at 22 kobo, while Ellah Lakes depreciated by 7.89 per cent to close at N3.50, per share.

The total volume traded increased by 62.72 per cent to 483.848 million units, valued at N4.379 billion, and exchanged in 6,545 deals. Transactions in the shares of Regency Alliance Insurance led the activity with 104.341 million shares worth N36.491 million. Oando followed with account of 55.281 million shares valued at N676.637 million, while Universal Insurance traded 53.351 million shares valued at N12.339 million.

Japaul Gold and Ventures traded 24.949 million shares worth N46.773 million, while United Bank for Africa (UBA) traded 21.493 million shares worth N445.447 million.