Transactions on the Nigerian equities market yesterday gained N43 billion to close on a bullish note, advancing the gaining streak to four consecutive trading sessions.
The positive performance was impacted by investors’ bargain hunting sentiments across all the major sectors, led by Insurance and Banking sectors.
In summary, the All-Share Index (ASI) increased by 83.27 absolute points, representing a gain of 0.22 per cent to close at 38,501.31 points. Similarly, the overall market capitalisation value gained N43 billion to close at N20.070 trillion.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank Holding Company, Dangote Sugar Refinery, Lafarge, Cutix and Custodian Investment.
Analysts at Afrinvest Limited said: “We expect the market to sustain its positive performance as investors’ position ahead of the first half (H1) of 2021 earnings result.”
Also, the market sentiment, as measured by market breadth, was positive as 22 stocks gained, relative to 13 losers. Cutix recorded the highest price gain of 10 per cent to close at N3.63, per share. John Holt followed with a gain 9.84 per cent to close at 67 kobo and UACN Property Development Company rose by 9.71 per cent to close at N1.13, per share.
Tripple Gee & Company appreciated by 8.33 per cent to close at 91 kobo, while Wapic Insurance gained 5.36 per cent to close at 59 kobo, per share. On the other hand, BOC Gases led the losers’ chart by 9.94 per cent to close at N7.70, per share. Berger Paints Nigeria followed with a decline of 9.64 per cent to close at N8.90, while Courteville Business Solutions shed 4.55 per cent to close at 21 kobo, per share.
Japaul Gold and Ventures shed 3.92 per cent to close at 49 kobo, while Unity Bank depreciated by 3.51 per cent to close at 55 kobo, per share.
Meanwhile, the total volume of trade increased by 2.5 per cent to 296.099 million units, valued at N2.562 billion and exchanged in 4,507 deals.
shares of FBN Holdings (FBNH) topped the activity chart with 34.838 million shares valued at N265.090 million. Access Bank followed with 28.694 million shares worth N271.735 million, while Zenith Bank traded 27.729 million shares valued at N689.155 million.
Fidelity Bank traded 24.742 million shares valued at N57.423 million, while Transnational Corporation of Nigeria (Transcorp) transacted 23.928 million shares worth N2.135 million.