The Nigerian equities market yesterday closed on a bullish note to extend the positive sentiment of the previous day’s trading.
The market positive performance could be attributed to investors’ increased buy-interest in all major sectors. The All-Share Index (ASI) grew by 154.23 absolute points, representing a rise of 0.38 per cent, to close at 41,051.19 points. Similarly, the overall market capitalisation value gained N80 billion to close at N21.391 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks such as; Okomu Oil, Lafarge Africa, Transcorp Hotels, Cadbury Nigeria, Guaranty Trust Holding Company (GTCO).
Analysts at Afrinvest Limited said: “We expect the positive momentum to be sustained in the next trading session as investors continue to rebalance their portfolio ahead of the third quarter (Q3) earning season.”
Furthermore, the market breadth closed positive, recording 29 gainers and 14 losers. Transcorp Hotel recorded the highest price gain of 9.94 per cent to close at N5.97 per share. Champion Breweries followed with a gain of 9.88 per cent to close at N2.78 and Consolidated Hallmark Insurance went up 9.09 per cent to close at 60 kobo per share.
Okomu Oil was up by 8.23 per cent to close at N125.00, while University Press and Japaul Gold and Ventures appreciated by 6.67 per cent each to close at N1.60 and 48 kobo respectively, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by eight per cent to close at 46 kobo while Associated Bus Company followed with a decline of 5.88 per cent to close at 32 kobo per share.
Regency Alliance Insurance declined five per cent to close at 38 kobo while Universal Insurance and Ikeja Hotels shed 4.55 per cent each to close at 21 kobo and N1.05 respectively, per share.
However, the total volume of trade fell by 20.87 per cent to 446.172 million units, valued at N4.466 billion, and exchanged in 4,704 deals.
the shares of FBN Holdings (FBNH) topped the activity chart with 148.354 million shares valued at N1.672 billion.
Universal Insurance followed with 46.170 million shares worth N9.706 million, while Ecobank Transnational Incorporated (ETI) traded 42.551 million shares valued at N316.092 million.
GTCO traded 32.605 million shares valued at N923.010 million, while Fidelity Bank transacted 19.732 million shares worth N53.188 million.