Bargain-hunting persists as index rises marginally by 0.04%

The bulls’ run sustained on the equities sector of the Nigerian Stock Exchange (NSE), as more bluechip stocks joined the league of gainers, causing the All Share Index (ASI) to appreciate marginally by 0.04 per cent.

Precisely, at the close of trading yesterday, the ASI rose by 10.66 points or 0.04 per cent to 26,426.20 points. Accordingly, investors gained N5billion in value as market capitalisation went up to N13.770trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC, Ecobank Transnational Corporation (ETI), Zenith Bank, Guaranty Trust Bank, and United Bank for Africa.

Analysts at Afrinvest Limited expected market performance to remain bullish at the end of the week, as investors take advantage of undervalued stocks.

Market breadth closed positive as 24 stocks recorded gains relative to 11 losers. Chams recorded the highest price gain of 10 per cent to close at 22 kobo per share. Stanbic IBTC Holdings followed with a gain 9.85 per cent to close at N35.70, and Skyway Avaition Handling Company gained 9.83 per cent to close at N2.57, per share.

Cutix rose 9.60 per cent to close at N1.37, and UACN Property Development Company 9.41 per cent to close at 93 kobo, per share.

On the other hand, GlaxoSmithKline Consumer Nigeria led the losers’ chart by 9.52 per cent to close at N3.80 per share. Jaiz Bank followed with 8.20 per cent to close at 56 kobo, and NEM Insurance fell 7.49 per cent to close at N1.73, per share.

Eterna lost 7.34 per cent to close at N2.02, while Nestle Nigeria shed 5.83 per cent to close at N1,017.00, per share.

Total volume traded increased by 40.4 per cent to 431.92 million shares worth N7.82billion, traded in 4,518 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 75.79 million shares valued at N1.89billion. Zenith Bank followed with 62.75 million shares worth N1.25billion, while Red Star Express traded 61.83 million shares at N184.24 million.

UBA traded 42.897 million shares valued at N302.94 million, and United Capital transacted 33.18 million shares worth N104.63million.