Stock Market Recovers, Gains N293bn  

The Nigerian equities yesterday recovered as the capitalisation rose by N293 billion on bargain hunting in Dangote Cement Plc and eight others, thus, ending four uninterrupted sessions of losses.

The All Share Index (ASI) rose by 537.29 absolute points, representing a gain of 1.23 per cent to close at 44,283.02 points. Accordingly, investors gained N293 billion in value as market capitalisation went up to N24.120 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement Plc, BUA Foods, Nigerian Exchange Group (NGXGroup), FBN Holdings (FBNH) and Unilever Nigeria.

On market outlook, GTI Securities Limited said: “we expect mixed sentiments to continue during the week, as pre-election risks amplify.” However, market breadth closed negative as nine stocks posted gains while 23 stocks posted declines. Dangote Cement  recorded the highest price gain of 8.84 per cent to close at N240.00, per share. Chams followed with a gain 4.35 per cent to close at 24 kobo, while Wapic  Insurance went up by 2.86 per cent to close at 36 kobo, per share.

Oando went up by 2.09 per cent to close at N4.39, while NGX Group appreciated by 1.50 per cent to close at N20.30, per share.

On the other hand, MRS Oil Nigeria led the losers’ chart by 9.65 per cent to close at N11.70, per share. Trans-Nationwide Express followed with a decline of 9.33 per cent to close at 68 kobo, while  UACN Property Development Company (UPDC) went down by 8.33 to close at N2.75, per share.

Unity Bank lost 6.67 per cent to close at 42 kobo, while United Bank of Africa (UBA) shed 4.93 per cent to close at N6.75, per share.

The total volume traded fell by 10.1 per cent to 155.407 million shares, worth N1.526 billion, and traded in 3,796 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 24.285 million shares valued at N33.499 million. Access Holdings followed with 23.518 million shares worth N185.569 million, while FBN Holdings (FBNH) traded 14.257 million shares valued at N140.992 million.

Guaranty Trust Holding Company (GTCO) traded 10.213 million shares valued at N180.016 million, while Fidelity Bank transacted 10.027 million shares worth N42.085 million.