Home / ASSETS & FINANCIALS / Market sustains uptrend as index rises marginally by 0.02%

Market sustains uptrend as index rises marginally by 0.02%

Market sustains uptrend as index rises marginally by 0.02%

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained previous day uptrend, following gains in most blue chip stocks, as the All-share index rose marginally by 0.02 percent.

At the close of trading yesterday, the All Share Index (ASI), rose by 6.53 points or 0.02 percent to 27,878.43 points. Accordingly, investors gained N2 billion in value as market capitalisation rose to N14.518 trillion.

The upturn was impacted by gains recorded in medium and large value stocks, amongst which were; CI Leasing, UAC of Nigeria (UACN), Access Bank, Lafarge Africa, and Africa Prudential.

Analysts at Afrinvest Limited, said: “Despite yesterday’s slight gain, we maintain a bearish outlook on the market due to waning investor sentiment.” However, market breadth closed negative as nine stocks posted gains while 17 declined.

Africa Prudential recorded the highest price gain of 2.17 percent to close at N4.70 per share. UACN followed with 2.15 percent to close at N9.50, and Access Bank appreciated 2.08 percent to close at N9.80, per share.

United Bank for Africa (UBA) rose 1.95 percent to close at N7.85, while Nigerian Aviation Handling Company (NAHCO) gained 1.46 per cent to close at N2.78, per share.On the other hand, Vitafoam Nigeria led the losers’ chart by 9.94 percent to close at N4.53 per share. Skyway Aviation Handling Company followed with 9.50 per cent to close at N3.05, and Royal Exchange fell 8.0 percent to close at 23 kobo, per share.

Japaul Oil and Maritime Services lost 7.69 percent to close at 24 kobo, while Guinness Nigeria shed 7.28 per cent to close at N28.00, per share.Despite the capital appreciation, total volume traded fell 44.9 percent to 152.40 million shares worth N2.44 billion, traded in 3,519 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 46.05 million shares valued at N1.34 billion. Zenith Bank followed with 20.71 million shares worth N414.16 million, while UBA traded 11.85 million shares at N92.85 million. FBN Holdings traded 10.52 million shares valued at N62.5 million, while Fidelity Bank transacted 5.77 million shares worth N12.48 million.

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