Investors’ wealth increases further by 1.0 per cent on bullish run

Transactions on the trading floor of the Nigerian Stock Exchange (NSE) sustained rising profile yesterday, as more blue-chip stocks recorded price appreciation, leading to a further rise in market capitalisation by 1.0%.

At the close of trading yesterday, the All-Share Index (ASI) rose by 273.11 points or 1.01 per cent to 27,426.64 points. Accordingly, investors gained N141 billion in value as market capitalisation went up to N13.351 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Forte Oil, Dangote Sugar Refinery, Guaranty Trust Bank and Lafarge Africa.

Analysts at Afrinvest Limited said: “In yesterday’s trading session, increased buying interest across board spurred the market in the positive direction. However, we expect profit-taking activities to drag market performance at the close of the week.”

Market breadth closed positive as 22 stocks recorded gains relative to seven losers. AIICO Insurance recorded the highest price gain of 9.84 per cent, to close at 67 kobo, per share. Forte Oil followed with a gain 9.64 per cent to close at N15.35, while UACN Property Development Company appreciated by 9.60 per cent to close at N1.37, per share.

Dangote Sugar Refinery went up by 9.41 per cent to close at N9.30, while Chams appreciated by 8.33 per cent to close at 26 kobo, per share. On the other hand, Jaiz Bank led the losers’ chart by five per cent, to close at 38 kobo, while NPF Micro Finance Bank followed with a decline of 4.31 per cent to close at N1.11, while Unity Bank lost 4.29 per cent to close at 67 kobo, per share.

Lasaco Assurance lost 3.45 per cent to close at 28 kobo, while NASCON Allied Industries shed 2.31 per cent to close at N12.70, per share.
However, total volume traded fell by 41.9 per cent to 45.5 million shares, worth N854.29 million, and traded in 2,816 deals.

Transactions in the shares of Access Bank topped the activity chart with 17.006 million shares valued at N119.26 million. Transnational Corporation of Nigeria (Transcorp) followed with 14.68 million shares worth N15.04 million, while Union Bank of Nigeria (UBN) traded 10.06 million shares valued at N70.39 million.FBN Holdings traded 9.96 million shares valued at N50.44 million, while Guaranty Trust Bank transacted 7.29 million shares worth N198.76 million.