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Honeywell, Cutix, others top stock market’s N29 billion gain

Brokers on the floor of Nigerian Stock Exchange in Lagos.

Equity transactions on the Nigerian Stock Exchange reversed the two-consecutive days’ downward movement to close in an upbeat yesterday, following price gains recorded by most blue-chip stocks, especially Honeywell flourmills and Cutix, as market capitalization increased by N29 billion.

Specifically, at the close of transactions yesterday, the All Share Index (ASI) gained 80.42 points, representing a rise of 0.22 per cent to close at 36,427.22 points. Similarly, the market capitalisation gained N29 billion to close at N13.196 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Cement Company of Northern Nigeria (CCNN), National Salt company of Nigeria, Allied Industries, Zenith Bank and Cutix.

Analysts at Afrinvest said: “Going forward, we expect trading activities over the near term to be dictated by a balance of play between investors’ reaction to earnings releases and bargain hunting on fundamentally sound stocks trading at attractive entry prices.”
Market breadth achieved an equilibrium position with 20 symbols on both gainers and losers’ charts. Honeywell Flour led the gainers’ table by 9.88 per cent to close at N1.89 per share. Cutix followed with a gain of 9.77 per cent to close at N4.38, while AIICO Insurance appreciated by 9.68 per cent to close at 68 kobo per share.

Also, Livestock went up by 9.52 per cent to close at 69 kobo and FCMB Holdings rose by 9.44 per cent to close at N1.97 per share.
On the other hand, Neimeth International Pharmaceuticals led the laggards’ table by 9.30 per cent to close at 39 kobo per share. Wapic Insurance trailed with a loss of 9.09 per cent to close at 40 kobo, While Custodian Investment shed 8.85 per cent to close at N5.56 per share.

UAC Property dipped by 8.82 per cent to close at N1.55, while AG Leventis went down by 8.70 per cent, to close at 42 kobo per share.

However, total volume traded declined by 48.1 per cent to 171.22 million shares, valued at N2.98 billion, and exchanged in 3,595 deals. Transactions in the shares of Zenith Bank topped the activity chart with 30.29 million shares valued at N717.23 million. United Bank for Africa (UBA) traded 21.71 million shares worth N205.71 million and FCMB Holdings transacted 19.01 million shares valued at N35.97 million.

Fidelity Bank followed with 16.7 million shares worth N31.31 million, while Nigerian Breweries traded 7.25 million shares valued at N761.24 million.

Source: G Business

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