Stock market resumes June trading upbeat, as index rises 0.19%

By Helen Oji |   02 June 2020   |   3:03 am  

Following gains recorded by most blue-chip stocks, the Nigerian Stock Exchange (NSE) resumed trading for the month of June, upbeat, as the All-Share Index (ASI) increased by 0.19 per cent.
 
Specifically, at the close of transactions yesterday, the ASI rose by 48.33 absolute points, or 0.19 per cent to close at 23,892.92 points. Also, the overall market capitalisation size gained N26billion to close at N13.194trillion.
   
The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; Dangote Sugar Refinery, Nigerian Breweries, Guaranty Trust Bank, Vitafoam Nigeria, and BUA Cement.

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Analysts at Imperial Asset Managers Limited said: “This week, we expect to see a measure of profit-taking as some active traders may likely cash in on the profit.
 
Also, analysts at Afrinvest Research anticipate a mixed performance this week.
 
“Nonetheless, we reiterated that investors with long-term investment goal should continue to build their portfolios given the current attractive valuation of most fundamentally viable stocks,” they added.
   
The market breadth closed positive, recording 28 gainers against 10 losers. Japaul Oil & Maritime Services, and Nigerian Aviation Handling Company (NAHCO), recorded the highest price gain of 10 per cent, each, to close at 22 kobos, and N2.75 per share, respectively.
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Dangote Sugar Refinery followed with 9.69 per cent to close at N14.15 per share. Cornerstone Insurance rose 9.09 per cent to close at 60 kobo, and Champion Breweries edged up 8.79 per cent to close at 99 kobo, per share.
 
On the other hand, Fidson Healthcare led the losers’ chart by 9.71 per cent, to close at N3.07 per share.
Stanbic IBTC Holdings followed with 9.22 per cent to close at N32.50, and AXA Mansard Insurance dropped 8.87 per cent to close at N1.85, per share.
   
Afromedia Plc lost 7.69 per cent to close at 24 kobo, while Flour Mills Nigeria and Honeywell Flour Mill shed 4.76 per cent, each, to close at N20.00 and N1.00, per share, respectively.
   
However, the total volume traded declined by 22.21 per cent to 253.306 million shares, worth N2.647billion, and traded in 4,775 deals. Transactions in the shares of FBN Holdings topped the activity chart with 41.012 million shares valued at N221.784million.
 
Guaranty Trust Bank followed with 36.173 million shares worth N887.46million, while Japaul Oil & Maritime Services traded 25.435 million shares at N5.542million.
 
Zenith Bank traded 21.581 million shares valued at N369.895million, and Regency Alliance Insurance transacted 20.470 million shares worth N4.105million.

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