The Nigerian Exchange Limited yesterday extended its gaining streak as market capitalisation increased further by N177 billion, occasioned by bargain hunting in Okomu Oil Plc and 38 others.
Specifically, the All-Share Index (ASI) gained by 296.39 points, representing a growth of 0.27 per cent to close at 111,902.61 points. Also, the market capitalisation rose by N177 billion to close at N70.564 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Okomu Oil, Northern Nigeria Flour Mills (NNFM), MTN Nigeria Communications (MTNN), Nigerian Breweries and Honeywell Flour Mills.
On market outlook, Afrinvest Limited, said: “Investor sentiment, as measured by market breadth, weakened to 0.18x from 0.22x i n the previous session as 39 stocks advanced, 28 declined, while 61 closed flat.
“We expect the positive performance to be extended tomorrow as investors continue the hunt for bargains.”
Investor sentiment, as measured by market breadth, closed positive as 39 stocks advanced, while 28 declined. Learn Africa and University Press recorded the highest price gain of 10 per cent each to close at N4.51 kobo and N5.61 kobo respectively, while NNFM followed with a gain of 9.98 per cent to close at N130.55 kobo.=
Honeywell Flour Mills went up by 9.95 per cent to close at N21 while Omatek Venture also appreciated by 9.86 per cent to close at 78 kobo.
On the other hand, Academy Press led the losers’ chart by 10 per cent, to close at N4.05 kobo. Abbey Mortgage Bank followed with a decline of 9.96 per cent to close at N6.87 kobo while Skyway Aviation Handling Company declined by 9.94 per cent to close at N59.80 kobo.
Nigerian Enamelware depreciated by 9.88 per cent to close at N22.80 kobo. Multiverse Mining & Exploration also declined by 9.56 per cent to close at N8.05 kobo.
The total volume traded advanced by 25.1 per cent to 512.170 million units, valued at N17.116 billion, and exchanged in 16,711 deals.
Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 58.905 million shares valued at N117.194 million.
Fidelity Bank followed with 48.221 million shares worth N883.584 million, while Custodian Investment traded 37.479 million shares valued at N756.001 million.
Guaranty Trust Holding Company (GTCO) traded 29.513 million shares valued at N2.054 billion, while FCMB Group sold 22.773 million shares worth N226.664 million.
