Transactions on the domestic stock market yesterday closed on a positive note to reverse the previous day’s bearish sentiment as investors recovered N318 billion buoyed by a rally in the telecommunications sector.
The upturn was buoyed by investors’ buy-sentiment in some blue-chip stocks like Airtel Africa, MTN Nigeria Communications (MTNN), Access Bank and 18 others.
In summary, the All-Share Index (ASI) grew by 609.36 absolute points, representing an increase of 1.58 per cent, to close at 39,176.62 points. Similarly, the overall market capitalisation value gained 318 billion to close at N20.412 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTNN, Northern Nigeria Flour Mills (NNFM), United Capital and Ecobank Transnational Incorporated (ETI).
Analysts at Afrinvest Limited said: “We expect to see a mix of profit-taking and bargain hunting in the domestic equities market in the next trading session.”
As measured by market breadth, market sentiment was positive as 21 stocks gained, relative to 20 losers. Airtel Africa recorded the highest price gain of 10 per cent, to close at N715.00, per share. Unity Bank followed with a gain of 7.14 per cent to close at 60 kobo, while Veritas Kapital Assurance rose by 4.35 per cent to close at 24 kobo, per share.
Courteville Business Solutions went up by 4.17 per cent to close at 25 kobo while Caverton Offshore Support Group appreciated by 3.89 per cent to close at N1.87, per share. On the other hand, Juli Plc led the losers’ chart by 9.01 per cent to close at N1.01, per share. Consolidated Hallmark Insurance followed with a decline of 6.90 per cent to close at 54 kobo while Jaiz Bank lost 4.84 per cent to close at 59 kobo, per share.
SUNU Assurance lost 4.26 per cent to close at 45 kobo while Livestock Feeds shed 3.06 per cent each to close at N1.90, per share.
The total volume of trades increased by 155.8 per cent to 474.529 million units, valued at N3.982 billion, and exchanged in 4,161 deals. Transactions in the shares of BOC Gases topped the activity chart with 249.766 million shares valued at N1.374 billion. Guaranty Trust Bank Holding Company (GTCO) followed with 37.282 million shares worth N1.045 billion, while ETI traded 24.122 million shares valued at N131.021 million.
Jaiz Bank traded 18.647 million shares valued at N11.553 million, while FBN Holdings (FBNH) transacted 10.301 million shares worth N75 million.