Sustained bargain-hunting in most highly value stocks, especially MTN Nigeria, and Airtel, yesterday, lifted the Nigerian Stock Exchange (NSE) market capitalisation further by N104 billion.
In summary, the All-Share Index (ASI) rose by 199.80 absolute points or 0.83 per cent to close at 24,330.06 points. Also, investors gained N104 billion as market capitalisation advanced to N12.692 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, including Airtel Africa, Presco, MTNN, Guaranty Trust Bank, and Cadbury Nigeria.
Commenting, analysts at Vetiva Capital, said: “With the attractiveness of a number of fundamentally sound stocks due to low prices, investors were left with no option in today’s session than to take advantage of the low valuations. With tomorrow being the last trading session of the week, we expect a session filled with a mix of continued bargain hunting in some counters and a bit of profit-taking in others.”
Consequently, the market breadth closed on a positive note, recorded 17 gainers as against 16 losers. Ikeja Hotel recorded the highest price gain of 9.80 per cent to close at N1.12 per share. Presco followed with 9.28 per cent to close at N4.45, and Cadbury Nigeria rose 7.41 per cent to close N7.25, per share.
Courteville Business Solutions garnered five per cent to close at 21 kobo, while Honeywell Flour Mill edged up 4.35 per cent to close at 96 kobo, per share.
On the other hand, Nigerian Aviation Handling Company (NAHCO) led the losers’ chart by 9.17 per cent to close at N1.98 per share. Unity Bank followed with 8.16 per cent to close at 45 kobo, and Ecobank Transnational Incorporated (ETI) fell 7.45 per cent to close at N4.35, per share.
Fidson Healthcare lost 7.02 per cent to close at N2.65, while Associated Bus Company shed six per cent to close at 47 kobo, per share.
The total volume traded decreased by 0.4 per cent to 207.401 million shares, worth N1.0 billion, and traded in 3,323 deals.
Fidson Healthcare lost 7.02 per cent to close at N2.65, while Associated Bus Company shed six per cent to close at 47 kobo, per share.
The total volume of trade decreased by 0.4 per cent to 207.42 million units valued at N1.70 billion and traded in 3,323 deals. Transactions in the shares of Sterling Bank topped the activity chart with 60.0.84 million shares valued at N75.105 million. FBN Holdings followed with 20.670 million shares worth N103.35 million, while Japaul Oil and Maritime Services traded 17.284 million shares valued at N4.148 million.
Transnational Corporation of Nigeria traded 11.569 million shares valued at N7.173 million, while Custodian Investment transacted 10.007 million shares worth N48.034 million.
