Market halts bearish run as index rises marginally by 0.09%

After many days of decline, renewed bargain-hunting on Dangote Cement, and 10 other stocks lifted transactions on the equities sector of the Nigerian Stock Exchange (NSE), causing the All Share Index (ASI), to appreciate marginally by 0.09 per cent.

Specifically, at the close of transactions yesterday, the ASI increased by 23.66 absolute points, representing a gain of 0.09 per cent to close at 26,557.44 points. Similarly, market capitalisation gained N11 billion to close at N13.928 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Dangote Flour Mills, Dangote Cement, Fidson Healthcare, Nestle Nigeria, and United Bank for Africa (UBA).

Analyst at Cowry Asset Management Limited, expressed optimism that the local bourse would close upbeat this week, despite weak sentiments.

“Although investors’ sentiments still remain weak given the perceived attractiveness of fixed investment yields, we feel that the optimism, albeit temporal, will be stimulated by anticipated Q3, 2019 companies’ results.”

Market breadth closed positive, with 11 gainers versus eight losers. Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22 kobo per share.

Fidson Healthcare followed with a gain 9.72 per cent to close at N3.95, while Consolidated Hallmark Insurance gained 7.14 per cent to close 30 kobo per share.

AXA Mansard Insurance rose 6.25 per cent to close at N1.70, while Dangote Flour by 3.60 per cent to close at N23, per share.

On the other hand, Global Spectrum Energy Services led the losers’ chart by 9.62 per cent to close at N4.70, per share.

UAC of Nigeria (UACN) followed with 6.99 per cent to close at N6.65, and United Capital fell 4.69 to close at N2.03, per share.

FBN Holdings lost 2.78 per cent to close at N5.25, while Ecobank Transnational Incorporated (ETI) shed 2.70 per cent to close at N7.20, per share.

The total volume traded appreciated by 9.96 per cent to 129.08 million shares worth N2.74 billion, traded in 2,595 deals. Transactions in the shares of Global Spectrum Energy Services topped the activity chart with 36.6 million shares valued at N172.02 million.

Guaranty Trust Bank followed with 14.47 million shares worth N387.28 million, while Transnational Corporation of Nigeria (Transcorp) traded 9.86 million shares valued at N9.95 million.

Zenith Bank traded 8.34 million shares at N149.81 million, while FCMB Groups transacted 8.05 million shares worth N12.88 million.