The dominance of the bulls continued unabated for the third consecutive session, yesterday, as almost all the blue chip stocks recorded price appreciation, resulting in a further rise in market capitalisation by N248 billion.
At the close of transactions on the Nigerian Exchange Limited (NGX), the all-share index (ASI) rose by 460.38 basis points to 45890.52 from 45430.14 points achieved on Wednesday.
Market capitalisation of listed equities increased by N248 billion or 1.01 per cent from N24.476 trillion to N24.724 trillion.
Operators attributed the improved performance to investors’ positive sentiment in blue-chip stocks that have been consistent in dividend payout.
Afrinvest Securities said: “In the final trading session, we anticipate mild profit-taking to dent the week’s bullish run.”
Vetiva Dealings and Brokerage said: We expect the positive trading pattern to filter into tomorrow’s session, closing out the week on a positive note.”
Investors traded 873.492 million shares valued at N31.542 billion in 4342 deals against 252.938 million shares worth N8.925 billion in 4218 deals.
On the price movement chart, 27 stocks appreciated, while seven others constituted the losers’ chart.
Northern Nigeria Flour Mills (NNFM) led the gainers’ chart with 9.92 per cent to close at N7.20 kobo, while Learn Africa followed with a gain of 9.32 per cent to close at N1.29, kobo. Cadbury Nigeria added 7.95 per cent to close at N9.50 kobo. Linkage Assurance also increased by 7.55 per cent to close at 57 kobo.
On the contrary, Dangote Sugar Refinery topped the losers’ chart, dropping 2.74 per cent to close at N17.75 kobo, while Stanbic IBTC trailed with a loss of 2.70 per cent to close at N36.
Ardova Plc dipped by 2.60 per cent to close at N13.10 kobo. FCMB declined by 1.67 per cent to close at N2.95 kobo. HoneyWell Flour dipped by 1.49 per cent to close at N3.30 kobo.On the activity chart, CWG was the most active stock during the day, exchanging 517.576 million shares valued at N300.194 million.Dangote Cement followed with an account of 102.917 million shares valued at N28.779 million. FBNHoldings traded 54.041 million shares cost N647.958 million, Sovereign Trust Insurance traded 20.985 million shares cost N4.886 million.