Wednesday, November 30Inside Business Africa

Renewed bargain-hunting lifts stock index by N22 billion

Renewed bargain-hunting in most blue-chip stocks lifted transactions on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, causing market capitalisation to rise by N22 billion.

Specifically, at the close of trading Wednesday, the All Share Index (ASI) increased by 42.01 absolute points or 0.17 per cent to close at 24,972.89. Similarly, the market capitalisation rose by N22 billion to close at N13.027 trillion.

The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; Nestle Nigeria, Flour Mills of Nigeria, Cadbury Nigeria, Access Bank, and Zenith Bank.

On market performance, analysts at Afrinvest Limited, said: “We are not optimistic of a rebound in market activities this week as investor sentiment remains weak.” However, market breadth was negative, as 10 tickers gained, relative to 24 decliners. Nestle Nigeria recorded the highest price gain of 10 per cent to close at N1,094.50 per share.

Cadbury Nigeria followed with 6.67 per cent to close at N8.00, and Flour Mills of Nigeria rose by 4.35 per cent to close at N20.40, per share. Wapic Insurance gained 3.03 per cent, to close at 34 kobo, while Transnational Corporation of Nigeria (Transcorp) appreciated by 2.78 per cent to close at 74 kobo, per share.

On the other hand, SEPLAT Petroleum Development Company led the losers’ chart by 9.99 per cent to close at N428.80 per share. Neimeth International Pharmaceuticals followed with 9.57 per cent to close at N1.89, and NPF Micro Finance Bank slipped 9.04 per cent to close at N1.51, per share.

AXA Mansard Insurance lost nine per cent to close at N1.82, while Aiico Insurance shed 8.25 per cent each to close at 89 kobo, per share. The total volume of trade rose by 32.72 per cent to 265.964 million units valued at N2.709 billion, exchanged in 3,564 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 43.675 million shares at N1.027 billion. UAC of Nigeria (UACN) followed with 41.199 million shares worth N288.659 million.

FBN Holdings traded 35.370 million shares valued at N178.136 million. FCMB Group traded 22.543 million shares at N38.799 million, while Access Bank transacted 15.347 million shares worth N104.467 million.

Source: Guardian Nigeria

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