Stock Market Stays Upbeat, Gains N171bn

The Nigerian stock market yesterday sustained the bullish trend, with the overall capitalisation increasing by N171 billion.

The All Share Index (ASI) gained by 268.98 points, representing a growth of 0.19 per cent to close at 142,979.46 points. Also, market capitalisation gained N171 billion to close at N 90.752 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; PZ Cussons Nigeria, Eterna, MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO) and Custodian Investment.

On market outlook, Afrinvest Limited stated that “we anticipate a bullish close tomorrow, barring any negative triggers.”

PZ Cussons Nigeria recorded the highest price gain of 10 per cent to close at N37.95, per share. Eterna followed with a gain of 9.94 per cent to close at N37.05, while Champion Breweries rose by 9.82 per cent to close at N15.10, per share.

Tantalizer appreciated by 5.96 per cent to close at N2.49, while AIICO Insurance  rose by 5.43 per cent to close at N3.69, per share.

On the other hand, R.T. Briscoe (Nigeria) led the losers’ chart by 9.89 per cent to close at N3.37, per share. Thomas Wyatt Nigeria followed with a decline of 9.82 per cent to close at N3.58, while Sovereign Trust Insurance declined by 9.33 per cent to close at N2.72, per share.

International Energy Insurance depreciated by 7.78 per cent to close at N3.08, while Berger Paints declined by 7.18 per cent to close at N36.20, per share.

Also, the total volume traded rose significantly by 402.5 per cent to 6.233 billion units, valued at N54.452 billion, and exchanged in 32,682 deals. Transactions in the shares of Cornerstone Insurance topped the activity chart with 5.448 billion shares valued at N25.063 billion. United Bank for Africa (UBA) followed with 152.135 million shares worth N6.543 billion, while Wema Bank traded 152.048 million shares valued at N2.516 billion.

First Holdco traded 111.798 million shares valued at N3.487 billion, while Zenith Bank sold 47.091 million shares worth N3.266 billion.