Equities market rebounds by 0.03% amid renewed bullish activities
By Kayode Tokede
The Nigerian Stock Exchange (NSE) equities market on Tuesday halted a five-day losing streak with a gain of 0.03 per cent as bulls repressed bears on the back of positive financial results hitting the market.
The All-Share Index (ASI) increased by 10.77 basis points, representing a growth of 0.03 per cent to close at 40,164.86 basis points.
While the overall market capitalisation value gained N5 billion to close at N21.014 trillion. Consequently, the Month-to-Date and Year-to-Date losses moderated to 5.3 per cent and 0.3 per cent, respectively.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; AIICO Insurance, Livestock Feeds, Flour Mills of Nigeria, Zenith Bank and Cutix.
Analysts at Afrinvest Limited said that “We expect corporate earnings release to guide the direction of the market this week.”
As measured by market breadth, market sentiment remained negative, as 24 stocks declined, relative to 18 gainers.
AIICO Insurance and Livestock Feeds recorded the highest price gain of 7.14 per cent each, to close at N1.20 and N2.25, respectively, while Flour Mills of Nigeria followed with a gain 6.16 per cent to close at N31.00, per share.
Zenith Bank went up by 4.84 per cent to close at N26.00, while Cutix appreciated by 4.65 per cent to close at N2.25, per share.
On the other hand, Sunu Assurances led the losers’ chart by 9.88 per cent to close at 73 kobo, per share. Lasaco Assurance followed with a decline of 9.87 per cent to close at N1.37, while Africa Prudential lost 9.85 per cent to close at N5.95, per share.
Associated Bus Company lost 8.57 per cent to close at 32 kobo, while University Press shed 8.53 per cent to close at N1.18, per share.
The total volume of trades increased by 16.8 per cent to 337.955 million units, valued at N3.845 billion, and exchanged in 5,232 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 64.588 million shares valued at N471.801 million. Zenith Bank followed with 52.673 million shares worth N1.341 billion, while Transnational Corporation of Nigeria (Transcorp) traded 41.988 million shares valued at N38.119 million.
United Capital traded 20.968 million shares valued at N128.224 million, while United Bank for Africa transacted 18.147 million shares worth N153.24 million.
