Equities Market Sustains Uptrend With Marginal Gain Of 0.02%

[Edoman]

The Nigeria equities market yesterday sustained the previous day’s uptrend with a marginal gain of 0.02 per cent. In summary, the All Share Index (ASI) gained 9.92 absolute points, representing a growth of 0.02 per cent to close at 42,158.32 points. Similarly, the market capitalisation gained N4 billion to close at N15.129 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Nascon and Allied Industries, Zenith Bank, Flourmill Nigeria and UBA. Analysts at Afrinvest Limited noted that “despite the marginal gain yesterday, the improvement in sentiment shows the market is gradually stabilising. Thus, we expect performance in subsequent trading sessions to remain positive.” However, market breadth remained negative, with 21 gainers versus 30 losers. Japaul Oil recorded the highest price gain of 5.71 per cent, to close at 37 kobo per share. Champion Breweries gained 4.81 per cent to close at N2.83, while Continental Reinsurance appreciated by 4.64 per cent to close at N1.58 per share. Prestige Assurance went up by 4.44 per cent to close at 70 kobo, while Red Star Express appreciated by 4.35 per cent to close at N6 per share. On the other hand, Conoil led the losers’ chart by 9.67 per cent, to close at N35.50 per share. Unity Bank shed 9.20 per cent to close at N1.48, while Sterling Bank depreciated by 9.05 per cent to close at N1.81 per share. Diamond Bank down by 8.52 per cent to close at N2.47, while FBN Holdings shed 7.26 per cent to close at N10.85 per share. Also the total volume traded improved by 11.8 per cent to 570.26 million shares, worth N5.33 billion, and traded in 5,794 deals. Transactions in the shares of Custodian and Allied Insurance topped the activity chart with 94.45 million shares valued at N377.82 million. FBN Holdings followed with 61.64 million shares worth N683.26 million, while Fidelity Bank traded 55.93 million shares valued at N169.24 million. FCMB Groups traded 48.25 million shares valued at N110.56 million, while Transcorp transacted 31.51 million shares worth N63.9 million.

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