The Nigerian equities market reversed previous day’s negative sentiment to close higher at the end of yesterday’s transactions, following price gains by most blue chip stocks, as market capitalisation increased by N44 billion.Yesterday, the All-Share Index (ASI) gained 120.20 absolute points, representing a growth of 0.37 per cent to close at 32,228.50 points. Similarly, market capitalisation rose by N44 billion to close at N11.766 trillion.
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Presco, Chemical & Allied Products (CAP), Guaranty Trust Bank and Union Bank of Nigeria (UBN).
Analysts at Afrinvest Limited said: “Although we observed a positive performance yesterday supported by the improvement in market breadth, we believe that the market will underperform in today’s session due to historical trend. Thus, we retain our bearish market outlook over the near term.”Codros Capital Limited said; “We remain conservative in our short to medium term outlook for equities, amidst political concerns ahead of the 2019 elections, and the absence of a positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
Market breadth was positive, with 19 gainers versus 15 losers. Unity Bank recorded the highest price gain of 9.23 per cent, to close at 71 kobo per share. UBN followed with a gain of 8.16 per cent to close at N5.30, while First Aluminium gained by 6.06 per cent to close at 35 kobo per share.
NEM Insurance went up by 4.84 per cent to close at N2.60, while Jaiz Bank appreciated by 4.35 per cent to close at 48 kobo per share.On the other hand, Cement Company of Northern Nigeria (CCNN) led the losers’ chart by 9.88 per cent, to close at N18.25 per share. Pharma Deko followed with a loss of 9.52 per cent to close at N1.54, while Flourmill Nigeria shed 9.23 per cent to close at N15.25 per share.
Mutual Benefit Assurance depreciated by eight per cent to close at 23 kobo and Union Diagnostic & Clinical Services declined by 7.41 per cent to close at 25 kobo, per share.Total volume traded depreciated by 55.5 per cent to 200.13 million shares, worth N2.67 billion, and traded in 2,639 deals.
Transactions in the shares of Access Bank topped the activity chart with 81.26 million shares worth N649.92 million. FBN Holdings followed with account of 31.71 million shares valued at N235.01 million, while FCMB Groups traded 10.58 million shares cost N17.77 million.Regency Alliance Insurance traded 8.68 million shares valued at N1.74 million, while Africa Prudential sold 8.54 million shares worth N29.96 million.