by OLUSHOLA BELLO, Lagos
The Nigerian stocks market, yesterday gained N117 billion to extend bullish run to eight days in a row. In summary, the All Share Index (ASI) gained 337.88 absolute points or 1.28 per cent to close at 26,756.21 points, reducing the year-to-date loss to 0.44 per cent. Similarly, the market capitalisation gained N117 billion, to close at N9.249 trillion.
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Oando, Access Bank, FBN Holdings, Guaranty Trust Bank, Dangote Cement, Nigerian Breweries, Okomu Oil, Zenith Bank and Stanbic IBTC.
Analysts at Afrinvest Limited, said that the upbeat performance in the equities market has been mainly driven by solid first quarter, 2017 earnings as well as knock-on impact of improved foreign exchange liquidity on sentiment.
Market breadth was positive, with 34 gainers versus eight losers. Oando recorded the highest price gain of 10.14 per cent, to close at N8.69 per share. Fidson followed with a gain of 9.52 per cent to close at N1.84, while Transcorp appreciated by 7.14 per cent to close at N1.05 per share.
May and Baker rose by 5.94 per cent to close at N1.07, while Portland Paints appreciated by 4.95 per cent to close at N1.91 per share. On the other hand, Linkage Assurance led the losers’ chart by 3.70 per cent, to close at 52 kobo per share. Dangote Sugar followed with a decline of 3.58 per cent to close at N6.46, while Total Nigeria depreciated by 2.35 per cent, to close at N249 per share.
Wapco went down by 2.22 per cent to close at N48.50, while Seven Up declined by 1.82 per cent to close at N102 per share. Total volume traded appreciated by 101.48 per cent to 539.23 million shares, worth N2.82 billion, and traded in 4,519 deals. Transactions in the shares of FCMB Groups topped the activity chart with 243.86 million shares worth N239.4 million.