Sunday, May 26Inside Business Africa

Market index sustains rising profile, up by 1.03 per cent

Price gains have continued to outweigh losses on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks appreciated at price, causing the All-Share Index (ASI) to rise further by 1.03 per cent.

Specifically, at the close of transactions yesterday, ASI increased by 249.36 absolute points, a gain of 1.03 per cent to close at 24,452.23 points.

Similarly, the market capitalisation rose by N130billion to close at N12.743trillion.

The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; Dangote Cement, Zenith Bank, BUA Cement, Guaranty Trust Bank, and Stanbic IBTC Holdings.

Analysts at APT Securities and Funds Limited, said: “There is no doubt the flooding of a strong buying signal in the market this week on the back of improved Investors’ sentiment. However, we might see someday trading activities as the week unwinds.”

Market breadth remained positive, with 37 gainers versus five losers. Red Star Express recorded the highest price gain of 10 per cent to close at N3.41 per share.

Jaiz Bank followed with 9.09 per cent to close at 60 kobo, while Lasaco Assurance rose 8.70 per cent to close at 25 kobo, per share.

Wapic Insurance edged up 6.90 per cent to close at 31 kobo, and Transnational Corporation of Nigeria (Transcorp) gained 5.48 per cent to close at 77 kobo, per share.

On the other hand, Unity Bank led the losers’ chart by 3.85 per cent to close at 50 kobo per share. Union Diagnostic and Clinical Services followed with 3.23 per cent to close at 30 kobo per share.

Lafarge Africa lost 2.65 per cent to close at N11.00, and Wema Bank dipped 1.72 per cent to close at 57 kobo per share.

Access Bank shed 0.76 per cent each to close at N6.55 per share.The total volume of trades increased by 28.57 per cent to 436.838 million units valued at N5.411billion exchanged in 5,195 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 75.074 million shares at N1.217billion.

Access Bank followed with 50.761 million shares worth N329.227million, while Guinness Nigeria traded 34.205 million shares valued at N581.909million.

United Bank of Africa (UBA) traded 31.469 million shares at N206.308million, while Guaranty Trust Bank transacted 31.075 million shares worth N740.916million.

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