Unwilling to be weighed down by the current recession, the bull sustained a rising profile at the end of yesterday’s transaction at the Nigerian Stock Exchange (NSE), as more blue-chip stocks joined the league of gainers, causing market capitalisation to appreciate further by N224 billion.
Yesterday, the All-Share Index (ASI) gained 428.44 points, representing a growth of 1.25 per cent to 30,733.47 points. Also, investors gained N224 billion in value as market capitalisation rose to N18.167 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, including Airtel Africa, Dangote Cement, Flour Mills of Nigeria, Julius Berger, and Dangote Sugar Refinery.
Speaking on the market performance, analysts at United Capital said: “Our position is supported by the persistent low yield environment and the elevated liquidity in the financial system. These factors, coupled with the more competitive dividend yields as well as the earnings stability of operators in the banking, cement, and food processing sectors, are expected to considerably support demand for equities by risk-tolerant investors in the interim.”
Sentiment, as measured by market breadth, was positive with 37 stocks recorded gains relative to 11 losers.
May and Baker Nigeria recorded the highest price gain of 10 per cent to close at N3.52 per share.
UPDC Real Estate Investment Trust followed with 9.89 per cent to close at N5.00, while Eterna rose 9.88 per cent to close at N4.56, per share.
Flour Mills of Nigeria advanced 9.84 per cent to close at N27.90, and AXA Mansard Insurance appreciated 9.83 per cent to close at N2.57, per share.
On the other hand, Trans-Nationwide Express led the losers’ chart by 9.38 per cent to close at 87 kobo per share.
Associated Bus Company followed with 8.57 per cent to close at 32 kobo, while Cornerstone Insurance fell 7.94 per cent to close at 58 kobo, per share.
UACN Property Development Company slipped 6.82 per cent to close at 82 kobo, and Oando shed 6.55 per cent to close at N2.71, per share.
Also, the total volume of trades rose by 19.02 per cent to 434.922 million units worth N6.913 billion, exchanged in 7,029 deals. Transactions in the shares of Transnational Corporation of Nigeria topped the activity chart with 84.496 million shares valued at N84.274 million. Zenith Bank followed with 59.220 million shares worth N1.480 billion, while Access Bank traded 29.893 million shares at N258.453 million.
United Bank for Africa (UBA) traded 26.192 million shares valued at N221.093 million, and FBN Holdings (FBNH) transacted 25.559 million shares worth N189.903 million.