Transactions on the floor of the Nigerian Stock Exchange rebounded yesterday, occasioned by price gains on highly capitalised stocks, as the All-share index appreciated marginally by 0.3 per cent.
Also, the Nigerian Stock Exchange (NSE) lifted the suspension placed on trading in the shares of Premier paints, Ekocorp, Austin Laz and Company and Academy Press, following the submission of their outstanding financial statements.
Yesterday, market capitalisation of listed equity increased by N39 billion, to close at N11.739 trillion. Similarly, the All-Share Index (ASI) gained 105.85 absolute points, representing a growth of 0.3 per cent to close at 32,154.03 points.
The upturn was significantly impacted by gains recorded in large capitalised stocks, amongst which are; Nestle Nigeria, Cement Company of Northern Nigeria, Guinness Nigeria, Nigeria Breweries and Dangote Sugar.
Analysts at Afrinvest Limited said: “Yesterday, we observed buying interests in some underpriced stocks and we expect this trend to continue today. However, despite the rally in yesterday’s trading session, we maintain our bearish outlook over the near term.”
Codros capital research said: “Our outlook for equities in the medium term remains conservative, as jitters surrounding the upcoming elections are likely to intensify and the date draws closer. The absence of a positive catalyst fails to give respite to the expected sell pressure. However, recovery is likely in the long term, amidst stable macroeconomic fundamentals.”
Market breadth remained negative with 23 losers and 14 gainers. CCNN recorded the highest price gain of 9.81 per cent, to close at N20.15, per share.
Nigerian Aviation Handling Company (NAHCO) followed with a gain of 5.29 per cent to close at N3.58 per share.
Dangote Sugar gained by 4.26 per cent to close at N13.45 per share. United Bank for Africa (UBA) went up by four per cent to close at N7.80, while Nestle Nigeria appreciated by 3.62 per cent to close at N1,430 per share.
On the other hand, Fidson Healthcare and Mutual Benefit Assurance led the losers’ chart by 10 per cent, to close at N4.50 and 27 kobo respectively, while UAC Property Development Company followed with a loss of 9.60 per cent to close at N1.60, per share.
Niger Insurance dipped by 8.77 per cent to close at 20 kobo, while Livestock Feeds shed 8.45 per cent to close at 52 kobo, per share.
Total volume traded dropped by 5.18 per cent to 149.75 million units valued at N2.79 billion, and exchanged in 3,063 deals.
Transactions in the shares of Fidelity Bank topped the activity chart with 22.03 million shares worth N42.23 billion.
Regency Alliance Insurance followed with account of 19.4 million shares valued at N3.97 million; while Guaranty Trust Bank traded 11.78 million shares cost N447.1 million.
FBN Holdings traded 10.92 million shares valued at N81.5 million, while Zenith Bank sold 10.13 million shares worth N241.27 million.
Source: G Business