Bulls run pushes market indices further by N58b

Bulls run pushes market indices further by N58bThe Nigerian equity market trading session extended positive outlook, as investors’ wealth increased by N58 billion on high capitalised stocks.

Yesterday, the All- share Index (ASI) gained 154.20 absolute points, representing a growth of 0.53 per cent to close at 29,347.62 points. Similarly, the market capitalisation rose by N58 billion to close at N11.023 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, FBN Holdings, Lafarge Africa, GlaxoSmithKline Consumer Nigeria, and NEM Insurance.

Analysts at Afrinvest Limited, said: “Although we witnessed bargain-hunting by investors during mid-week, we still maintain an overall bearish outlook in the near term.”

Also, the market breadth closed positive, with 15 gainers versus seven losers.

NEM Insurance and Niger Insurance recorded the highest price gain of 10 per cent each, to close at N2.20 and 22 kobo, per share respectively, while Fidelity Bank followed with a gain of 8.70 per cent to close at N2 per share.

United Capital rose 6.54 per cent to close at N2.77, and FBN Holdings by 6.12 per cent to close at N7.80, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.76 per cent to close at N1.85 per share.

Associated Bus Company followed with 8.33 per cent to close at 44 kobo, while Eterna lost 8.05 per cent to close at N4, per share.

Chams fell 7.14 per cent to close at 26 kobo, and Flour Mills Nigeria shed 2.35 per cent to close at N16.60 per share.

The total volume traded however fell 45.5 per cent to 224.03 million shares, worth N2.01 billion, and traded in 3,127 deals. Transactions in the shares of Zenith Bank topped the activity chart with 45.37 million shares valued at N927.74 million.

Lasaco Assurance followed with 42.34 million shares worth N12.69 million, while Access Bank traded 21.65 million shares valued at N129.3 million.

FBN Holdings traded 17.74 million shares valued at N131.39 million, while Fidelity Bank sold 13.02 million shares worth N25.32 million.

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