The bulls upstaged the bears on the equity sector of the Nigerian Stock Exchange yesterday, occasioned by price gains on highly capitalised stocks, as the All-share index increased marginally by 0.4 per cent.
Yesterday, the All-Share Index (ASI) gained 141.46 absolute points, representing a growth of 0.44 per cent to close at 32,545.06 points. Similarly, market capitalisation rose by N51 billion to close at N11.881 trillion.
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Nestle Nigeria, Nigerian Breweries, Unilever Nigeria and Dangote Cement.
Analysts at Afrinvest Limited said: “In line with our expectation, the market rebounded yesterday; we however maintain a bearish stance in the near term.”
Also APT Securities and Funds Limited said: “so far, financial results for few entities have been released. We look forward to subsequent results and hope that the market will react positively to the results. “Nonetheless, equities market keeps fluctuating between the northern and southern regions, indicating possibilities for the index to close either ways week on week.”
Market breadth closed apiece with 19 gainers and 19 losers.
Royal Exchange and Jaiz Bank recorded the highest price gain of 10 per cent, each to close at 22 kobo and 55 kobo, respectively, while Total Nigeria followed with a gain of 8.20 per cent, to close at N198, per share.Diamond Bank appreciated by 7.19 per cent to close at N1.49, while Consolidated Hallmark Insurance went up by 7.14 per cent to close at 30 kobo per share.
On the other hand, AG Leventis Nigeria and Beta Glass led the losers’ chart by 10 per cent, each to close at 36 kobo and N62.10, respectively, Cutix followed with a decline 9.78 per cent to close at N2.03, per share. McNichols declined by 8.89 per cent to close at 41 kobo, while Guinea Insurance down by 6.90 per cent to close at 27 kobo per share.
Investors traded a total share volume of 349.46 million valued at N3.67 billion in 3,128 deals. FCMB Groups traded with 180.25 million shares valued at N279.65 million. Zenith Bank followed with 24.5 million shares worth N589 million, while Guaranty Trust Bank traded 23.83 million shares valued at N869.88 million.
Access Bank traded 21.84 million shares valued at N184.36 million, while Diamond Bank transacted 15.23 million shares worth N21.15 million.