Nigerian Stock Exchange It was a quick reversal of Monday’s negative sentiments yesterday, following price gains recorded by most blue-chip stocks, the Nigerian equity market as the all-share index appreciated by 0.6 per cent.
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Flourmills Nigeria, Guaranty Trust Bank, PZ Cussons Nigeria, and Dangote Sugar.
Specifically, at the end of transactions yesterday on the trading floor of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) grew by 204.85 absolute points, representing an increase of 0.58 per cent, closing at 35,516.21 points. Similarly, the market capitalisation grew by N75billion to close at N12.966trillion.
Analysts at Afrinvest Limited, said: “We expect performance to stay upbeat in subsequent sessions, as investors hunt for bargains.”
Market breadth closed positive, and recorded 33 gainers against 16 losers. Portland Paints & Products witnessed the highest price gain of 9.72 per cent to close at N2.71 per share.
Jaiz Bank followed with a gain of 9.62 per cent to close at 57kobo, Caverton Offshore Support Group rose by 9.60 per cent to close at N1.94 per share.
May and Baker Nigeria appreciated by 9.21 per cent to close at N2.49, while Livestock Feeds rose 9.09 per cent to close at 60kobo per share.
On the other hand, Ikeja Hotel led the losers’ chart by 9.92 per cent, to close at N2.27 per share. Law Union & Rock Insurance shed 9.88 per cent to close at 73kobo, while NPF Microfinance Bank depreciated by 9.38 per cent to close at N1.45 per share.
Linkage Assurance declined by 7.41 per cent to close at 75kobo, and GlaxoSmithKline Consumer Nigeria shed 6.67 per cent to close at N14 per share.
The total volume traded appreciated by 93.3 per cent to 339.68 million shares worth N5.5billion, traded in 3,394 deals.
Transactions in the shares of Consolidated Hallmark Insurance topped the activity chart with 99.95 million shares valued at N30.99million. Stanbic IBTC Holdings followed with 72.95 million shares worth N3.61billion, while May and Baker Nigeria traded 40.1 million shares valued at N91.87million.
Transnational Corporation of Nigeria traded 16.1 million shares valued at N19.68million, while United Bank for Africa transacted 13.8 million shares worth N114.98million.