Improved corporate performance spurred transactions on the equity sector of the Nigerian Stock Exchange (NSE), as more bluechip stocks join the league of gainers, resulting to a further rise in market capitalisation by N78 billion.The extension of gains to two trading sessions was driven by investors’ renewed appetite for some stocks, occasioned by dividend declaration of some bellwethers.
Specifically, the All Share Index (ASI) gained 207.88 absolute points, representing a growth of 0.64 per cent, to close at 32,614.05 points. Similarly, market capitalisation grew by N78 billion to close at N12.162 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Mobil Nigeria, UAC of Nigeria, Dangote Flour Mills, and Zenith Bank.
Analysts at Afrinvest Limited stated, “following two consecutive sessions of positive performance, we do not rule out the possibility of profit-taking in subsequent sessions this week.”Market breadth remained positive, recorded 26 gainers against 16 losers. Nigerian Breweries recorded the highest price gain of 10 per cent to close at N82.50 per share. Caverton Offshore Support Group followed with a gain of 9.25 per cent to close at N2.48, while Jaiz Bank rose by 8.93 per cent to close at 61 kobo, per share.
Prestige Assurance appreciated by eight per cent to close at 54 kobo, while Law Union & Rock Insurance up by 7.84 per cent to close at 55 kobo, per share. On the other hand, Goldlink Insurance led the losers’ chart by 9.43 per cent to close at 48 kobo, per share. Custodian Investment followed with a decline of 6.87 per cent to close at N6.10, while Africa Prudential lost 4.58 per cent to close at N4.17, per share.
Unity Bank shed 3.88 per cent to close at 99 kobo, while GlaxoSmithKline Consumer Nigeria depreciated by 3.75 per cent to close at N11.55, per share.Total volume of trade increased by 22.4 per cent to 443.78 million units, valued at N5.64 billion and exchanged in 4,697 deals. Transactions in the shares of Sterling Bank topped the activity chart with 105.75 million shares valued at N253.75 million. Guaranty
Trust Bank followed with 37.43 million shares worth N1.42 billion, while United Bank for Africa (UBA) traded 33.03 million shares valued at N266.17 million.Access Bank traded 29.39 million shares valued at N187.79 million, while Transnational Corporation of Nigeria (Transcorp) transacted 25.48 million shares worth N37.56 million.