Yuletide rally persisted in the equities sector of the capital market yesterday as bargain hunting in Okomu Oil Plc and 49 stocks lifted the all-share index (ASI) further by 1.2 per cent.
ASI gained 891.31 points, representing a gain of 1.21 per cent to close at 74,289.02 points. Also, market capitalisation rose by N488 billion to close at N40.652 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Transcorp Hotel, Multiverse Mining and Exploration and FBN Holdings (FBNH).
Afrinvest Limited stated that this bullish rally, part of the Santa Claus rally phenomenon, was fueled by robust buying activity in major banking sector stocks as fund managers engaged in window dressing and investors selected fundamentally strong stocks toward the end of the trading year.
As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 19 losers. Industrial and Medical Gas Nigeria and Transnational Corporation (Transcorp) emerged as the highest price gainers of 10 per cent each to close at N9.35 kobo and N8.47 kobo respectively.
Multiverse Mining & Exploration and OKOMU Oil followed with a gain of 9.96 per cent each to close at N12.70 kobo and N263.90 kobo respectively, while Infinity Trust Mortgage Bank advanced by 9.87 per cent to close at N4.12 kobo.
On the other side, John Holt led others on the losers’ chart with 10 per cent to close at N2.34 kobo. Ellah Lakes followed with a decline of 9.94 per cent to close at N2.9, while Tripple Gee & Company shed 9.66 per cent to close at N2.15 kobo.
Regency Alliance Insurance lost 8.11 per cent to close at 34 kobo, while UAC of Nigeria (UACN) depreciated by 5.96 per cent to close at N15.
The total volume traded increased by 37.19 per cent to 760.93 million units, valued at N 13.026 billion, and exchanged in 7,990 deals.
Transactions in the shares of Abbey Mortgage Bank led the activity with 224.085 million shares worth N365.279 million. Access Holdings followed with an account of 65.795 million shares valued at N1.523 billion.
Transcorp traded 65.305 million shares valued at N552.557 million.
United Bank for Africa (UBA) traded 45.979 million shares worth N1.198 billion while Guaranty Trust Holding Company (GTCO) traded 43.593 million shares worth N1.744 billion.
