Transactions on the equities sector of the Nigerian Stock Exchange (NSE), closed upbeat yesterday, following price gains recorded by most blue-chip stocks, as the All-Share Index appreciated by 0.05 percent.
By this, the All-Share Index (ASI) increased by 12.79 absolute points, to close at 27,424.92 points. Similarly, the market capitalisation gained N7 billion to close at N13.365 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, Cement Company Of Northern Nigeria (CCNN), Dangote Sugar Refinery, Dangote Flour Mills, and AXA Mansard Insurance.
Analysts at Afrinvest Limited had expected a bearish performance throughout the trading week in the absence of any market catalyst. However, they did not rule out the possibility of bargain-hunting activities.
Cordros Capital Limited, said: “Our outlook for equities in the short to medium term remains conservative, amidst the absence of any catalyst to drive positive market returns.”
However, market breath closed negative, recording nine gainers and 23 losers. AXA Mansard Insurance recorded the highest price gain of 9.09 per cent to close at N1.80 per share. Jaiz Bank followed with 5.26 per cent to close at 40 kobo, while FCMB Groups appreciated by 4.35 per cent to close at N1.68, per share.
Chams rose four per cent to close at 26 kobo, while Wema Bank gained 3.64 per cent to close at 57 kobo, per share.
On the other hand, Africa Prudential, Guinness Nigeria and Nigerian Aviation Handling Company (NAHCO), led the losers’ chart by 10 per cent each, to close at N3.48, N41.40, and N2.34, per share, respectively.
United Capital followed with a decline of 9.95 per cent to close at N1.90, while UACN Property Development Company shed 9.68 per cent to close at N1.12, per share.
The total volume traded increased by 116.8 per cent to 279.63 million shares worth N2.68 billion, traded in 3,498 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 58.93 million shares valued at N295.85 million. Zenith Bank followed with 39.04 million shares worth N664.64 million, while Access Bank traded 38.3 million shares valued at N233.62 million.
Guaranty Trust Bank traded 29.77 million shares at N804.63 million, while UACN Property Development Company transacted 20.1 million shares worth N22.48 million.
By Helen Oji
The Guardian Newspaper August 9th, 2019