Investors in the equities segment of the Nigerian stock market gained N3 billion yesterday as the market reverses the previous day’s losses on renewed bargain hunting.
In summary, the All-Share Index (ASI) grew by 6.17 absolute points, representing an increase of 0.01 per cent to close at 41,813.27 points. While the overall market capitalisation value gained N3 billion to close at N21.825 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Exchange Group (NGXGroup), UPDC Real Estate Investment Trust, Zenith Bank, NEM Insurance and Morison Industries.
Market sentiment, as measured by market breadth, was positive as 21 stocks gained, relative to 12 losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent to close at 77 kobo, per share. Mutual Benefits Assurance followed with a gain 9.68 per cent to close at 34 kobo, while Regency Alliance Insurance up by 9.30 per cent to close at 47 kobo, per share.
Unity Bank rose by 8.33 per cent to close at 52 kobo, while Wapic Insurance appreciated by 8.16 per cent to close at 53 kobo, per share. On the other hand, FTN Cocoa processors led the losers’ chart by 7.50 per cent, to close at 37 kobo, while Royal Exchange and Veritas Kapital Assurance followed with a decline of 4.76 per cent each to close at 80 kobo and 20 kobo respectively, per share.
Ecobank Transnational Incorporated (ETI) shed 3.47 per cent to close at N8.35, while Ardova depreciated by 2.99 per cent to close at N13.00, per share.
Meanwhile, the total volume of trades rose by 99.78 per cent to 359.960 million units, valued at N1.844 billion, and exchanged in 3,607 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 97.555 million shares valued at N53.044 million. Sterling Bank followed with 29.447 million shares worth N43.30 million, while UPDC Real Estate Investment Trust traded 14.302 million shares valued at N56.854 million.
NGXGroup traded 11.794 million shares valued at N235.823 million, while Access Bank transacted 11.505 million shares worth N104.138 million.