Stock market reopens, upbeat as index rises by 0.80%

Stock market reopens, upbeat as index rises by 0.80%

The Nigerian stock market yesterday reversed its losing streak to reopen upbeat, as the All-Share Index (ASI) gained 0.80 per cent following appreciation in BUA Cement and 18 other stocks.

The stock market resumed trading yesterday, after Christmas two-day holidays. The ASI gained 310.16 absolute points, representing a gain of 0.80 per cent to close at 39,110.17 points.

Similarly, the overall market capitalisation value appreciated by N168 billion to close at N20.447 trillion. The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; BUA Cement, Zenith Bank, Access Bank, NPF Microfinance Bank and NEM Insurance. Analysts at Afrinvest Limited said: “We anticipate the bullish run would remain following sustained buying interest in the local bourse.”

Meanwhile, market sentiment, as measured by the market breadth, was slightly negative as 20 stocks declined, relative to 19 gainers. Jaiz Bank recorded the highest price gain of 10 per cent, to close at 66 kobo.

NEM Insurance followed with a gain 9.56 per cent to close at N1.49, while Lasaco Assurance rose by 8.82 per cent to close at 37 kobo. NPF Microfinance Bank went up by 8.39 per cent to close at N1.68, while Japaul Gold and Ventures appreciated by 8.33 per cent to close at 52 kobo.

On the other hand, NCR Nigeria led the losers’ chart by 9.68 per cent, to close at N1.96 kobo. FTN Cocoa Processors followed with a decline of 8.99 per cent, to close at 81 kobo.

Trans-Nationwide Express shed 8.86 per cent to close at 72 kobo. Chams shed 8.70 per cent to close at 21 kobo, while AXA Mansard Insurance lost 4.76 per cent to close at N1.00 kobo.

The total volume traded rose by 85.4 per cent to 722.566 million shares, worth N4.381 billion, and traded in 5,042 deals. Transactions in the shares of AIICO Insurance topped the activity chart with 273.129 million shares valued at N326.092 million. Oando followed with 81.449 million shares worth N323.326 million.

FBN Holdings (FBNH) traded 41.090 million shares valued at N294.212 million. Access Bank traded 40.135 million shares valued at N353.274 million, while Champion Breweries transacted 36.325 million shares worth N30.159 million.

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