Stock Market Maintains Positive Position, Gains N37bn

The Nigerian stock market yesterday began this week trading session on a positive note with the overall capitalisation gaining N37 billion.

The All Share Index (ASI) gained by 61.91 points, representing a growth of 0.06 per cent to close at 103,648.24 points. Also, market capitalisation gained N37 billion to close at N63.203 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Cadbury Nigeria, Wema Bank, FBN Holdings (FBNH), Northern Nigeria Flour Mills (NNFM) and John Holts.

Looking forward, United Capital Plc said, “the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.”

Also, investor sentiment, as measured by market breadth was positive as 48 stocks advanced, while 19 declined.

DAAR Communications and Wema Bank recorded the highest price gain of 10 per cent each to close at 77 kobo and N11.00 respectively, while Honeywell Flour Mills followed with a gain of 9.99 per cent to close at N8.37, per share.

Wapic Insurance rose by 9.96 per cent to close at N2.98, while Lasaco Assurance  up by 9.95 per cent to close at N4.09, per share.

On the other hand, Cutix led the losers’ chart by 5.45 per cent to close at N2.60, per share. Caverton Offshore Support Group followed with a decline of 5.36 per cent to close at N2.65, while Jaiz Bank declined by 5.23 per cent to close at N3.08, per share.

Champion Breweries depreciated by 4.53 per cent to close at N4.00, while Ikeja Hotel declined by 4.26 per cent to close at N12.35, per share.

Also, the total volume traded rose 20.68 per cent to 855.965 million units, valued at N13.249 billion, and exchanged in 16,505 deals. Transactions in the shares of Chams Holdings topped the activity chart with 80.765 million shares valued at N191.474 million. Veritas Kapital Assurance followed with 60.486 million shares worth N105.729 million, while Access Holdings traded 54.330 million shares valued at N1.349 billion.

Guaranty Trust Holding Company (GTCO) traded 53.961 million shares valued at N3.074 billion, while Prestige Assurance sold 48.939 million shares worth N75.994 million.