Saturday, February 24Inside Business Africa

Gains in bellwethers lift market index further by N136 billion

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), continued upbeat yesterday, as more high value stocks constituted the gainers’ chart, resulting to a further rise in market capitalisation by N136billion.

Specifically, at the close of transactions, Tuesday, the All Share Index (ASI) rose by 261.12 points or 1.09 per cent to 24,202.87 points. Accordingly, investors gained N136billion in value as market capitalisation rose to N12.613trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Okomu Oil, Dangote Cement, Presco, Unilever Nigeria, and Guaranty Trust Bank.

Analysts at Afrinvest Limited, said: “We expect to see gains in the next trading session as investors continue to seek bargain hunting opportunities.”

The Chief Research Officer, Investdata Consulting Limited, Ambrose Omodion, said: “The market’s high dividend yield would continue to attract buying interests, while more audited and unaudited corporate earnings will hit the market, going forward, despite the likely continuation of selloffs. Investors are buying to increase their positions in undervalued stocks ahead of dividend declaration and Q1 numbers.”

Market breadth closed strongly positive as 29 stocks recorded gains relative to eight losers. Caverton Offshore Support Group recorded the highest price gain of 10 per cent to close at N2.75, per share.

Okomu Oil followed with 9.99 per cent to close at N64.40, and Unilever Nigeria appreciated by 9.85 per cent to close at N15.05, per share.

C & I Leasing rose 9.78 per cent to close at N5.05, while Cutix gained 9.56 per cent to close at N1.49, per share.
On the other hand, Lasaco Assurance led the losers’ chart by eight per cent to close at 23 kobo per share.

Nigerian Aviation Handling Company (NAHCO) followed with 4.51 per cent to close at N2.33, and Wapic Insurance shed 3.33 per cent to close at 29 kobo, per share.

International Breweries lost three per cent to close at N4.85, while Wema Bank fell 1.69 per cent to close at 58 kobo, per share.
Total volume traded increased by 2.7 per cent to 339.757 million shares worth N3.921billion, traded in 4,784 deals.

Transactions in the shares of Access Bank topped the activity chart with 80,649 million shares valued at N545.807million. Guaranty Trust Bank followed with 41.888 million shares worth N971.997million, while Zenith bank traded 39.746 million shares valued N628.857million.

FBN Holdings traded 33.873 million shares valued at N169.289million, while Lasaco Assurance transacted 19.747 million shares worth N4.632million.

Source: Guardian

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