Bargain-hunting in blue-chip stocks pushes stock market index by 0.5%

[Edoman]

Bargain-hunting in blue-chip stocks pushes stock market index by 0.5%
Thursday, December 06, 2018  BUSINESS

                          
The Nigerian Stock Exchange (NSE) posted 0.47 per cent gain, yesterday extending positive sentiment to two consecutive trading days on buying interest in high-capitalised stocks, especially in Dangote Cement shares.

Specifically, at the close of transactions yesterday, the All- share index (ASI) was up by 144.43 absolute points, representing an increase of 0.47 per cent, to close at 31,151.68 points. Similarly, market capitalisation increased by N53 billion to close at N11.373 trillion.

The increase was impacted by gains recorded in large and medium capitalised stocks, amongst which are, Dangote Cement, Stanbic IBTC Holdings, Flour Mills Nigeria, PZ Cussons Nigeria and Oando.


Analysts at Afrinvest Limited said: “The local bourse extended its bullish run into the second consecutive day largely due to bargain hunting in Dangote Cement while weakening investors’ sentiment in yesterday’s session shows buying momentum is tapering, thus we anticipate a negative performance subsequent trading sessions.

Market breadth closed positive, recorded 19 gainers against 18 losers. Veritas Kapital Assurance led the gainers table by 10 per cent to close at 22 kobo per share. Diamond Bank followed with a gain of 8.97 per cent to close at 85 kobo, while Linkage Assurance appreciated by 8.93 per cent to close at 61 kobo per share.

Wapic Assurance rose by 8.11 per cent to close at 40 kobo, while Lasaco Assurance gained by 7.41 per cent to close at 29 kobo per share. On the other hand, Cement Company of Northern Nigeria (CCNN) led the laggards’ table by 9.72 per cent to close at N16.25, while Trans Nationwide Express followed with a loss of 9.23 per cent to close at 59 kobo, per share.

Prestige Assurance and First Aluminum dipped by 9.09 per cent, each to close at 50 kobo and 30 kobo, respectively, while Mutual Benefits Assurance down by 8.70 per cent, to close at 21 kobo per share.

Also, total volume traded went up marginally by 0.05 per cent to 198.64 million shares, valued at N2.31 billion, and exchanged in 2,845 deals. Transactions in the shares of FBN Holdings topped the activity chart with 90.36 million shares valued at N689.82 billion. Access Bank traded 17.95 million shares worth N134.56 million and Diamond Bank transacted 15.09 million shares valued at N12.82 million.

FCMB Groups followed with 12.02 million shares worth N18.47 million, while Guaranty Trust Bank traded 7.59 million shares valued at N268.1 million.