Bulls Consolidate As Equities Investors Gain N3bn

The Nigerian equities market yesterday closed positive for the fourth consecutive session as the overall capitalisation gained N3 billion.

The All-Share Index (ASI) gained 4.25 points, representing a gain of 0.01 per cent to close at 65,492.92 points. Also, market capitalisation rose by N3 billion to close at N35.845 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Transcorp Hotel, Dangote Sugar Refinery, Transnational Corporation (Transcorp), Computer Warehouse Group (CWG) and Vitafoam Nigeria.

As measured by market breadth, market sentiment was negative, as 26 stocks lost relative to 22 gainers. Associated Bus Company emerged the highest price gainer of 9.62 per cent to close at 57 kobo, per share. Thomas Wyatt Nigeria followed with a gain of 9.30 per cent to close at N1.41, while Transcorp Hotel advanced by 8.99 per cent to close at N40.00, per share.

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Courteville Business Solutions rose by 8.33 per cent to close at 65 kobo, while Transcorp appreciated by 7.14 per cent to close at N4.80, per share.

On the other side, Conoil led others on the losers’ chart with 10 per cent to close at N99.00, per share. John Holt followed with a decline of 9.38 per cent to close at 29 kobo, while Mutual Benefits Assurance shed 8.75 per cent to close at N2.92, per share. Tantalizer went down by 8.33 per cent to close at 33 kobo, while Eterna depreciated by 8.24 per cent to close at N15.60, per share.

The total volume of trade increased by 18.69 per cent to 348.323 million units, valued at N4.048 billion, and exchanged in 6,237 deals. Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 144.711 million shares worth N682.613 million. Universal Insurance followed with 27.531 million shares valued at N5.638 million, while Dangote Sugar Refinery traded 316.124 million shares valued at N632.580 million.

Fidelity Bank traded 15.804 million shares worth N111.214 million, while Consolidated Hallmark Insurance traded 15.776 million shares worth N13.001 million.