Price upticks in Zenith Bank and 22 other stocks yesterday buoyed the performance of the Nigerian equities market as the benchmark index improved by 0.03 per cent.
The All Share Index (ASI) increased by 7.51 absolute points, representing a growth of 0.03 per cent to close at 28,665.82 points. Similarly, the market capitalisation rose by N4 billion to close at N14.983 trillion.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nigerian Breweries, Flour Mills of Nigeria, International Breweries, Julius Berger and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited said “We are not optimistic of sustained bullish performance in subsequent trading sessions. However, investors may position ahead of third quarter (Q3) earnings releases.”
Market sentiment, as measured by the market breadth, was positive, as 23 stocks gained, relative to 17 losers. International Breweries recorded the highest price gain of 9.90 per cent, to close at N6.44, per share. United Capital followed with a gain 8.17 per cent to close at N3.84, while Nigerian Breweries rose by 4.67 per cent to close at N51.50, per share.
Flour Mills of Nigeria went up by 4.55 per cent to close at N23.00, while UACN appreciated by 4.48 per cent to close at N7.00, per share. On the other hand, Regency Alliance Insurance Company led the losers’ chart by 8.33 per cent, to close at 22 kobo, per share. Cornerstone Insurance followed with a decline of 4.76 per cent, to close at 60 kobo, while PZ Cussons Nigeria shed 4.65 per cent to close at N4.10, per share.
Mobil Nigeria lost 4.60 per cent to close at N178.30, while Aiico Insurance shed 4.49 per cent to close at 85 kobo, per share.
Also, the total volume traded rose by 3.48 per cent to 297.312 million shares, worth N2.927 billion, and traded in 4,736 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 72.432 million shares valued at N506.802 million. Zenith Bank followed with 27.159 million shares worth N568.211 million, while UACN traded 22.197 million shares valued at N149.440 million.
Access Bank traded 21.766 million shares valued at N170.537 million, while Mutual Benefits Assurance transacted 19.703 million shares worth N3.942 million.