Continued exploitation of the lower share prices aided transactions on the equities sector of the Nigerian Stock Exchange (NSE) as the market sustained rising profile for the fifth consecutive session, yesterday causing the All -share index to appreciate further by 1.07 per cent.
Specifically, at the close of transactions yesterday, the All-share index (ASI) was up by 323.15 absolute points, representing an increase of 1.07 per cent to close at 30,460.68 points. Similarly, the market capitalisation increased by ₦120 billion, closing at ₦11.359 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Guinness Nigeria, Forte Oil, Nascon Allied Industries and Custodian Investment.
Analysts at Afrinvest Limited urged investors to strategically invest in stocks with good fundamentals.
“We are cautiously optimistic of the positive sentiment we observed in the last five trading sessions, hence we recommend strategic investment in fundamentally sound stocks in the short to medium term.”
Market breadth remained positive and recorded 24 gainers as against 16 losers.
Sovereign Trust Insurance and Veritas Kapital Assurance recorded the highest price gain of 10 per cent, each to close at 22 kobo, each, per share. Guinness Nigeria followed with a gain of 9.65 per cent to close at N71, while Honeywell Flour and NEM Insurance rose 9.57 per cent, each to close at ₦1.26 and ₦2.06, per share, respectively.
On the other hand, Beta Glass led the losers’ chart by 10 per cent, to close at ₦60.30, per share. Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.20 per cent to close at ₦3.95, while Resort Savings and Loans lost 8.82 per cent to close at 31 kobo, per share.
PZ Industries shed 8.33 per cent to close at ₦11, while Neimeth International Pharmaceuticals depreciated by 4.69 per cent, to close at 61 kobo, per share.
Total volume of trades increased by 1.92 per cent to 305.81 million units, valued at ₦2.1 billion and exchanged in 3,642 deals. Transactions in the shares of Diamond Bank topped the activity chart with 141.23 million shares valued at ₦296.58 million. Fidelity Bank followed with 18.61 million shares worth ₦38.22 million, while Guaranty Trust Bank traded 17.44 million shares valued at ₦577.75 million.
Zenith Bank traded 16.23 million shares valued at ₦357.11 million, while Sterling Bank transacted 15.97 million shares worth ₦31.54 million.
By Helen Oji
The Guardian Newspaper January 17th, 2019