Bulls Reign As Investors’ Wealth Grows By N154bn

The Nigerian stock market yesterday sustained the uptrend as investors’ investment grew by N154 billion.

In summary, the All-Share Index (ASI) grew by 285.46 absolute points, representing a rise of 0.11 per cent, to close at 51,377.21 points. Similarly, the overall market capitalisation value gained N154 billion to close at N27.698 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Presco, Dangote Cement, BUA Foods, MTN Nigeria Communications (MTNN) and Flour Mills of Nigeria.

GTI Securities Limited said: “Equity market closed positive yesterday, due to investors’ increased bargain hunt oversold medium and large scale stocks such as Presco, FBN Holdings (FBNH), MTNN, and others. However, we expect bargain hunting to resume in the domestic market.”

Market breadth closed positive, with 18 gainers versus 16 losers. Ellah Lakes Plc recorded the highest price gain of 10 per cent to close at N4.40, per share. Presco followed with a gain 9.71 per cent to close at N183.00, while FBNH appreciated by 9.52 per cent to close at N9.20, per share.

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Livestock Feeds went up by 9.09 per cent to close at N1.44, while Courteville Business Solutions appreciated by 8.70 per cent  to close at 50 kobo,  per share.

On the other hand, Northern Nigeria Flour Mills (NNFM) led the losers’ chart by 9.91 per cent to close at N9.55, per share. John Holt Nigeria followed with a decline of 9.86 per cent to close at 64 kobo, while Computer Warehouse Group (CWG) dipped by 9.09 per cent to close at 80 kobo, per share.

Consolidated Hallmark Insurance lost 8.82 per cent to close at 62 kobo, while GlaxoSmithKline Consumer Nigeria (Glaxosmith) shed 6.25 per cent to close at N6.00, per share.

Also, the total volume traded rose 37.37 per cent to 229.366 million shares, worth N3.197 billion, and traded in 4,536 deals.

Transactions in the shares of Oando topped the activity chart with 34.464 million shares valued at N184.977 million. FCMB Group followed with 26.199 million shares worth N91.683 million, while United Bank for Africa (UBA) traded 26.018 million shares valued at N194.046 million.

Access Holdings traded 22.772 million shares valued at N216.286 million, while Guaranty Trust Holding Company (GTCO) transacted 15.828 million shares worth N332.395 million.