Bulls extended their dominance in the Nigerian equity market to seventh successive sessions yesterday, as the All-Share Index (ASI) appreciated by 1.20 per cent.
At the close of transactions, the ASI gained 450.21 absolute points, representing a gain of 1.20 per cent to close at 37,893.61 points. Similarly, the overall market capitalisation appreciated by N235 billion to close at N19.805 trillion.
The uptrend was driven by price appreciation in medium and large capitalised stocks, including Dangote Cement, Eterna, Cadbury Nigeria, Zenith Bank, and United Bank for Africa
Analysts at Afrinvest Limited said: “We remain optimistic about a sustained bullish run in the equities market.”
Market sentiment, as measured by market breadth, was negative, as 22 stocks lost, relative to 15 gainers.
Eterna recorded the highest price gain of 10 per cent to close at N4.51. FTN Cocoa Processors followed with a gain of 8.82 per cent to close at 74 kobo, while Japaul Gold and Ventures rose by 8.11 per cent to close at 40 kobo.
Dangote Cement grew by 6.34 per cent, to close at N245.00, while Courteville Business Solutions appreciated by 4.76 per cent to close at 22 kobo.
On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 10 per cent, to close at 27 kobo.
Red Star Express followed with a decline of 9.62 per cent, to close at N3.10, while Associated Bus Company shed 9.09 per cent to close at 30 kobo.
John Holt shed 8.93 per cent to close at 51 kobo while Royal Exchange depreciated by eight per cent to close at 23 kobo.
The total volume traded increased by 3.6 per cent to 442.221 million shares, worth N10.288 billion, and traded in 4,948 deals.Transactions in the shares of Zenith Bank topped the activity chart with 59.024 million shares valued at N1.445 billion.AXA Mansard Insurance followed with 39.269 million shares worth N40.121 million, while Guaranty Trust Bank traded 38.218 million shares valued at N1.261 billion.Japaul Gold and Ventures traded 33.050 million shares valued at N13.01 million while FBN Holdings (FBNH) transacted 29.93 million shares worth N209.454 million.