Stock Market Gains N6bn Amid Bargain Hunting

Trading in the Nigerian equities market yesterday was moderately positive, as the capitalisation gained N6 billion amid bargain hunting.

The All Share Index (ASI) rose by 10.91 absolute points, representing a gain of 0.02 per cent to close at 52,626.42 points. Accordingly, investors gained N6 billion in value as market capitalisation went up to N28.664 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group (NGXGroup), Nigerian Aviation Handling Company (NAHCO), Dangote Sugar Refinery, PZ Cussons Nigeria and Lafarge Africa.

On market outlook, analysts at GTI Securities Limited said: ‘we expect positive sentiments to continue as investors take position for the year.’

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As measured by market breadth, market sentiment was positive, as 25 stocks gained relative to 16 losers. International Energy Insurance recorded the highest price gain of 9.76 per cent to close at 45 kobo, per share. Computer Warehouse Group (CWG) followed with a gain 9.47 per cent to close at N1.04, while Caverton Offshore Support Group went up by 9.38 per cent to close at N1.05, per share.

John Holt went up by 9.09 per cent to close gat 96 kobo, while Linkage Assurance appreciated by 8.33 per cent to close at 52 kobo, per share. On the other hand, C&I Leasing led the losers’ chart by 10 per cent to close at N3.15, while Chams and Sovereign Trust Insurance followed with a decline of 7.14 per cent each to close at 26 kobo each, per share.

UPDC Real Estate Investment Trust (UPDCREIT) lost 6.06 per cent to close at N3.10, while Royal Exchange shed 5.56 per cent to close at 85 kobo, per share.

The total volume traded decreased by 40.8 per cent to 129.039 million units, valued at N1.819 billion, and exchanged in 3,183 deals. Transactions in the shares of Zenith Bank topped the activity chart with 18.554 million shares valued at N455.739 million.

Guaranty Trust Holding Company (GTCO) followed with 18.522 million shares worth N451.133 million, while United Bank for Africa (UBA) traded 9.731 million shares valued at N78.616 million.

Royal Exchange traded 9.393 million shares valued at N7.793 million, while Access Holdings transacted 7.675 million shares worth N69.494 million.