Following renewed bargain-hunting in the shares of some companies, especially Dangote Flour, and BOC Gases, transactions on the Nigerian Stock Exchange (NSE), reopened bullish, as market capitalisation increased by N19 billion to close at N13.484 trillion.
Also, at the close of transactions yesterday, the All-Share Index (ASI) gained 38.92 absolute points, representing an increase of 0.14 percent to close at 27,669.38 points.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which were; Dangote Flour Mills, MTN Nigeria, Cement Company of Northern Nigeria (CCNN), BOC Gases Nigeria, and NCR Nigeria.
Analysts at Afrinvest Limited predicted some bargain-hunting in early trades this week, supported by positive earnings releases on some stocks.
“Nevertheless, given the paucity of foreign portfolio participation in the local bourse, we anticipate that the lingering bearish sentiments would drive a negative close,” they added.
Market breadth closed positive, with 18 gainers versus 12 losers. Cornerstone Insurance and Dangote Flour Mills recorded the highest price gain of 10 per cent each, to close at 22 kobos, and N18.50, respectively, BOC Gases followed with 9.86 per cent to close at N5.57, per share.
UACN Property Development Company rose 9.73 per cent to close at N1.24, while NCR Nigeria gained 9.43 per cent to close at N5.80, per share.
On the other hand, Ecobank Transnational Incorporated (ETI) led the losers’ chart with 10 percent to close at N7.20 per share.
NPF Micro Finance Bank followed with 8.53 per cent to close at N1.18, and NEM Insurance lost 4.65 per cent to close at N2.05, per share.
Union Diagnostic & Clinical Services shed 4.17 per cent to close at 23 kobo, while FCMB Groups fell 3.59 per cent to close at N1.61, per share.
The total volume traded rose by 73.65 per cent to 280.695 million shares worth N1.41 billion, traded in 3,314 deals. Transactions in the shares of Sterling Bank topped the activity chart with 198.68 million shares valued at N436.74 million.
Zenith Bank followed with 19.41 million shares worth N353.94 million, while Dangote Flour traded 7.51 million shares at N152.23 million.
ETI traded 7.16 million shares valued at N51.91 million, while FBN Holdings transacted 6.003 million shares worth N32.99 million.