Stock market sustains rising profile, up by N11 billion

Sustained bargain-hunting in some highly capitalised stocks pushed the market capitalisation further by N11 billion at the end of yesterday’s transactions on the equities sector of the Nigerian Stock Exchange (NSE).

Specifically, the All-Share Index (ASI) was up by 28.52 absolute points, representing an increase of 0.09 per cent, to close at 30,773.57 points. Similarly, market capitalisation increased by N11 billion to close at N11.476 trillion.The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Beta Glass, Stanbic IBTC Holdings, Nascon Allied Industries, Guaranty Trust Bank and Oando.

Analysts at Afrinvest Limited expected bargain hunting to further persist, saying: “We do not rule out the possibility of sell-offs in subsequent trading sessions as we approach the general elections.”

Also, APT Securities and Funds Limited attributed the recurrent uptrend to investors’ positive sentiment towards the election as it’s been perceived that new economic reforms may have an ample effect on the stock market.Market breadth closed positive, recorded 21 gainers against 12 losers. Beta Glass recorded the highest price gain of 10 per cent, to close at N66, per share.

Associated Bus Company followed with a gain of 8.33 per cent to close at 39 kobo, while Consolidated Hallmark Insurance rose by 6.90 per cent to close at 31 kobo, per share. Sunu Assurance appreciated by five per cent to close at 21 kobo, while Regency Alliance Insurance up by 4.76 per cent to close at 22 kobo, per share.

On the other hand, AG Leventis led the losers’ chart by 6.90 per cent, to close at 27 kobo, per share.Nigerian Aviation Handling Company (Nahco) followed with a decline of 3.77 per cent to close at N3.32, while Dangote Sugar Refinery lost 3.23 per cent to close at N13.50, per share.Honeywell Flour Mills shed 2.44 per cent to close at N1.20, while Sterling Bank depreciated by 1.67 per cent, to close at N2.35, per share.

Total volume of trades increased by 3.62 per cent to 190.32 million units, valued at N2.93 billion and exchanged in 3,183 deals.Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.24 million shares valued at N1.67 billion. Zenith Bank followed with 20.74 million shares worth N473.25 million, while FBN Holdings traded 18.87 million shares valued at N140.87 million.Fidelity Bank traded 15.64 million shares valued at N37.22 million, while Transnational Corporation of Nigeria (Transcorp) transacted 13.13 million shares worth N16.94 million.