The Nigerian equities market sustained gaining streak to three consecutive trading sessions yesterday, as investors continue to take a position in some highly-capitalised stocks, especially Seplat and Nigerian Breweries (NB) causing market capitalisation to appreciate further by N182 billion.
Specifically, the All Share Index (ASI) rose by 337.08 points, representing an increase of 0.72 per cent to close at 47,205.03 points while the overall market capitalisation value gained N182 billion to close at N25.449 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, Nigerian Breweries, MTN Nigeria Communications (MTNN), Chemical Allied Products (CAP) and Zenith Bank.
Analysts at United Capital Plc said: “We expect continued bargain hunting, but we reiterate that the broader equities market remains on a bearish trajectory. The recent bullish momentum is a short-term reversal and absence of any underlying positive trigger will likely see the rebound short-lived.”
Vetiva Dealing and Brokerage said: “The positive activity continued in today’s session as seen in the green close across major sectors. We are likely to see this trend moderate tomorrow, as investors begin to take profit on some recent gainers.
Market sentiment, as measured by market breadth was positive as 30 stocks gained, while 17 others depreciated in price. CAP recorded the highest price gain of 10 per cent to close at N19.80 kobo, while Neimeth International Pharmaceuticals followed with a gain 9.86 per cent to close at N1.56 kobo.
Berger Paints Nigeria and Meyer Plc rose by 9.68 per cent each to close at N6.80 kobo and N1.36 kobo respectively, while Learn Africa appreciated by 9.52 per cent to close at N2.07 kobo.
On the other hand, Academy Press led the losers’ chart by 10 per cent to close at N1.44 kobo. Caverton Offshore Support Group followed with a decline of 9.92 per cent to close at N1.18 kobo while Royal Exchange depreciated by 9.62 per cent to close at 94 kobo.
Linkage Assurance declined by 7.55 per cent to close at 49 kobo while Prestige Assurance depreciated by 6.98 per cent to close at 40 kobo.
Also, the total volume of trades increased by 9.3 per cent to 245.4 million units valued at N4.5 billion, and exchanged in 5,832 deals.
Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 39 million shares valued at N908.925 million.
Zenith Bank followed with 27.2 million shares worth N674.266 million, while Nigerian Breweries traded 15.5 million shares valued at N622.9 million.
Fidelity Bank traded 10.9 million shares valued at N40.8 million, while Linkage Assurance transacted 10.9 million shares worth N5.4 million.
