By Habibat Aliu
Following renewed buying interest in Zenith Bank and 20 other stocks, the equities market reversed losses, to close in an upbeat yesterday, as the All-share index appreciated by 0.5 per cent.
At the close of trading, yesterday on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) rose by 238.69 absolute points, representing a gain of 0.54 per cent to close at 44,046.94 points. Accordingly, investors gained N130 billion in value as market capitalisation went up to N23.991 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO), Lafarge Africa, and MTN Nigeria Communications (MTNN).
Analysts at Afrinvest Limited said, “Despite the positive outing at the local bourse, sentiment worsened at a broad level. Hence, we maintain our bearish outlook in subsequent trading sessions.”
However, market breadth closed negative as 21 stocks posted gains while 24 stocks reported declines. Cornerstone Insurance recorded the highest price gain of 10 per cent to close at 44 kobos, per share. MRS Oil Nigeria followed with a gain of 9.73 per cent to close at N14.10 kobo. Zenith Bank went up by 8.46 per cent to close at N21.80, per share.
GTCO went up by 6.63 per cent to close at N19.30, while Lafarge Africa appreciated by 5.97 per cent to close at N21.30, per share. Ecobank TransNtional Incorporated gained 5.26 per cent to close at N10 while Chams appreciated by 4.35 per cent to close at 24 kobos. Academy Press garnered four per cent to close at N1.20 kobo. AIICO added 3.70 per cent to close at 56 kobos.
UPDC appreciated by 3.37 per cent to close at 92 per cent. Accesscorp gained 3.09 per cent to close at N8.35 kobo. United Bank for Africa also gained 2.13 percent to close at N7.20 kobo.
On the other hand, Eterna led the losers’ chart by 10 per cent to close at N5.67, per share. Guinness Nigeria followed with a decline of 9.98 per cent to close at N67.20, while SCOA Nigeria went down by 9.49 to close at N1.43, per share.
SUNU Assurance lost 9.38 per cent to close at 29 kobos, while Courteville Business Solutions shed 8.00 per cent to close at 46 kobos, per share.
Neimeth shed 6.67 per cent to close at N1.40 kobo. Unity Bank lost 5.77 per cent to close at 49 kobos. Royal Exchange depreciated by 5.19 per cent to close at 73 kobos.
Prestige Assurance declined by 5.13 per cent to close at 37 kobos. NPF Microfinance Bank dropped 5.06 per cent to close at N1.50 kobo. Livestock also fell by four per cent to close at 98 kobos.
The total volume traded advanced by 54.1 percent to 159.438 million shares, worth N2.861 billion, and traded in 3,039 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 27.948 million shares valued at N114.001 million.
GTCO followed with 20.824 million shares worth N388.067 million, while Zenith Bank traded 14.014 million shares valued at N295.276 million.
FBN Holdings (FBNH) traded 8.869 million shares valued at N94.787 million, while Unity Bank transacted 7.265 million shares worth N3.662 million.
