Investors gain N102bn, erase previous day loss
By Kayode Tokede
The Nigerian Exchange Limited on Tuesday closed on a positive note, to reverse the previous day’s trading loss, as investors’ gained up by N102 billion.
The bullish performance was due to investors’ buy interest in Industrial Goods, Consumer Goods, and Oil & Gas sector stocks.
Accordingly, Month-to-Date gain increased to +1.2per cent while Year-to-Date losses moderated to -3.5per cent.
The All-Share Index (ASI) increased by 195.30 basis points, representing a growth of 0.50 per cent to close at 38,881.70 basis points. Similarly, the overall market capitalisation value gained N102 billion to close at N20.266 trillion.
Analysing by sectors, the Industrial Goods (+1.1per cent), Consumer Goods (+0.6per cent) and Oil and Gas (+0.1per cent) indices recorded gains while the Insurance (-1.6per cent) and Banking (-0.1per cent) indices declined.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Dangote Cement, Flour Mills of Nigeria, Dangote Sugar Refinery and Unilever Nigeria.
Analysts at Afrinvest Limited said that “In the coming trading session, we anticipate the domestic bourse would extend its positive performance driven by bargain hunting.”
As measured by market breadth, market sentiment closed negative, as 17 stocks declined, relative to 15 gainers. Okomu Oil recorded the highest price gain of 10 per cent to close at N106.15, per share. Learn Africa followed with a gain nine per cent to close at N1.09, while Champion Breweries rose by 4.71 per cent to close at N2.00, per share.
Unilever Nigeria rose by 3.86 per cent to close at N12.10, while Cornerstone Insurance appreciated by 3.57 per cent to close at 58 kobo, per share. On the other hand, Computer Warehouse Group led the losers’ chart by 9.42 per cent to close at N1.25, while Regency Alliance Insurance followed with a decline of 8.16 per cent to close at 45 kobo, per share.
FTN Cocoa Processors and Veritas Kapital Assurance shed 7.69 per cent each to close at 36 kobo and 24 kobo, while Caverton Offshore Support Group depreciated by 5.26 per cent to close at N1.80, per share.
The total volume of trades increased by 3.7 per cent to 218.515 million units, valued at N1.590 billion, and exchanged in 3,630 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 35.816 million shares valued at N7.251 million. Fidelity Bank followed with 26.626 million shares worth N60.165 million, while Zenith Bank traded 15.251 million shares valued at N349.318 million.
AXA Mansard Insurance traded 13.868 million shares valued at N11.951 million, while Veritas Kapital Assurance transacted 12.823 million shares worth N3.358 million.
