Stock Market Gains N449bn On Sustained Bargain Hunting

Nigerian equities yesterday extended gains for the second consecutive session by N449 billion, driven by investors’ interest in Dangote Cement Plc and 49 others.

The All-Share Index (ASI) gained 823.37 points, representing a gain of 1.31 per cent to close at 63,766.72 points. Also, market capitalisation rose by N449 billion to close at N 34.722 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Transcorp Hotels, Eterna, PZ Cussons Nigeria and NASCON Allied Industry.

As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 20 losers. Honeywell Flour Mills, NEM Insurance and NPF Microfinance Bank emerged the highest price gainer of 10 per cent each to close at N3.30, N5.94 and N1.87 respectively, per share. Eterna followed with a gain of 9.92 per cent to close at N26.05, while PZ Cussons Nigeria advanced by 9.88 per cent to close at N17.80, per share.

On the other side, Japaul Gold & Ventures led others on the losers’ chart with 10.00 per cent to close at 81 kobo, per share. FTN Cocoa processors followed with a decline of 9.84 per cent to close at N2.29, while Courteville Business Solutions shed 8.64 per cent to close at 74 kobo, per share.

Sovereign Trust Insurance lost 8.16 per cent to close at 45 kobo, while Secure Electronic Technology depreciated by 8.11 per cent to close at 34 kobo, per share.

The total volume of trades increased by 22.36 per cent to 868.803 million units, valued at N42.807 billion, and exchanged in 8,970 deals. Transactions in the shares of FCMB Group led the activity with 153.879 million shares worth N956.074 million. Japaul Gold and Ventures followed with account of 110.534 million shares valued at N90.948 million, while Dangote Cement traded 104.883 million shares valued at N35.815 billion.