Stock Market reverses Losses As Capitalisation Rises By N28bn
Investors’ renewed appetite for some blue-chip stocks may have helped the Nigerian equities market to reverse losses thus, causing market capitalisation to increase by N28 billion.
Specifically, the All-Share Index (ASI) increased by 55.50 absolute points, representing a growth of 0.15 per cent to close at 37,640.75 points while the overall market capitalisation value gained N28 billion to close at N19.621 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil Palm, Cadbury Nigeria, Dangote Sugar Refinery, Vitafoam Nigeria and FCMB Group.
Analysts at Afrinvest Limited said: “In the coming trading session, we expect bargain hunting activities to sustain the positive performance.”
The market breadth closed positive as 28 stocks gained, relative to 13 losers.
Ikeja Hotel and Linkage Assurance recorded the highest price gain of 10 per cent each to close at N1.21 kobo and 77 kobos while Cadbury Nigeria followed with a gain 9.62 per cent to close at N8.55 kobo.
Honeywell Flour Mill rose by 9.46 per cent to close at N1.62 kobo while Consolidated Hallmark Insurance gained 8.62 per cent to close at 63 kobo. On the other hand, Jaiz Bank led the losers’ chart by 5.17 per cent to close at 55 kobo.
Veritas Kapital Assurance followed with a decline of four per cent to close at 24 kobo, while Unity Bank lost 3.64 per cent to close at 53 kobo.
PZ Cussons Nigeria lost 3.42 per cent to close at N5.65 kobo while Flour Mills of Nigeria shed 2.52 per cent to close at N29.05 kobo.
The total volume of trades increased by 40.06 per cent to 229.010 million units, valued at N2.730 billion, and exchanged in 3,678 deals. Transactions in the shares of FCMB Group topped the activity chart with 40.704 million shares valued at N133.657 million.
Custodian Investment followed with 15.814 million shares worth N95.690 million, while Guaranty Trust Holding Company traded 13.428 million shares valued at N401.146 million.
Zenith Bank traded 11.149 million shares valued at N265.320 million, while Jaiz Bank transacted 10.688 million shares worth N5.927 million.