Business

Positive sentiments in 72 stocks lift index further by 2.06%

The Nigerian equities market sustained bullish sentiments at the end of yesterday’s transactions as bargain hunting in Presco Plc and 71 stocks lifted the all-share index (ASI) further by 2.04 per cent.

Precisely, the ASI gained by 1,546.69 points, representing a growth of 2.04 per cent to close at 77,537.57 points. Also, market capitalisation gained N847 billion to close at N42.43 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Conoil, BUA Foods, Stanbic IBTC Holding and FBN Holdings (FBNH).

Analysts at Vetiva Dealing and Brokerage said: “Positive sentiment was sustained today (yesterday), as investors take position ahead of full year results. Given the bullish run in the last two sessions, we expect a cautious trading session tomorrow (today) with a positive tilt.

As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to seven losers.

On the price movement chart, Berger Paints, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), University Press and Infinity Trust Mortgage Bank recorded the highest price gain of 10 cent each to close at N14.30 kobo, N63.25 kobo, N1.65 kobo, N9.90 kobo, N8.25 kobo, N7.26 kobo, N3.08 kobo, N59.40 kobo, N28.60 kobo, N2.64 kobo and N7.26 kobo respectively.

Transcorp Hotel and Multiverse Mining and Exploration followed with a gain of 9.99 per cent each to close at N77.19 and N22.46 respectively, while TransNational Corporations (Transcorp) and Access Holdings rose by 9.98 per cent each to close at N10.47 kobo and N25.90 kobo.

On the other hand, Learn Africa led the losers’ chart by 9.09 per cent, to close at N2.90 kobo. Champion Breweries followed with a decline of 7.32 per cent to close at N3.80 kobo.

C&I Leasing down by 2.33 per cent to close at N5.03 kobo. Nigerian Exchange Group depreciated by 1.7 per cent to close at N23.1, while Ellah Lakes declined by 1.64 per cent to close at N3.

The total volume traded rose by 79.83 per cent to 927.558 million units, valued at N10.691 billion, and exchanged in 11,629 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 108.113 million shares valued at N1.312 billion.

FCMB Group followed with 79.063 million shares worth N644.032 million, while UBA traded 55.504 million shares valued at N1.544 billion.

Universal Insurance traded 50.597 million shares valued at N13.846 million, while Access Holdings sold 46.872 million shares worth N1.184 billion.

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