Tuesday’s decline in heavyweight stocks such as; Guaranty Trust Bank, BUA, and MTNN dragged the ASI to the negative region at mid-day. However, a late spike in the share price of DANGCEM (+222bps), coupled with gains in Ardova and Unilever returned the market to a positive territory at the end of transactions yesterday.
Consequently, the All-Share Index (ASI) expands by 145.17 absolute points, representing an increase of 0.36 per cent to close at 40,295.95 points. Similarly, the overall market capitalisation value gained N76 billion to close at N21.070 trillion.x
Reacting on the market performance, analysts at Vetiva Dealing & Brokerage, said: “The domestic bourse benefited largely from the recovery in the price of the most capitalised stock (DANGCEM), following the significant depression witnessed last week.
“With three of the five major sectors ending today’s session in the green, coupled with the positive market breadth, we expect another session largely dominated by the Bulls tomorrow. However, having gained in the last two trading periods, the possibility of a negative close amidst profit taking cannot be overruled.”
Similarly, analysts at Afrinvest Limited, said: “We believe the positive sentiment would be sustained till the close of the week.” Sentiment, as measured by market breadth, was positive, as 27 stocks gained, relative to 20 losers. Niger Insurance, Omatek Ventures, Mutual Benefits Assurance and NASCON recorded the highest price gain of 10 per cent each, to close at 22 kobo, 22 kobo, 33 kobo and N15.95, respectively, per share.
Ardova followed with 9.75 per cent gain to close at N19.70, while NCR Nigeria rose by 9.69 per cent to close at N2.15 kobo. On the other hand, Oando led the losers’ chart by 5.41 per cent to close at N3.50 kobo, while UACN Property Development Company and Deap Capital Management and Trust followed with 4.76 per cent each, to close at 80 kobo and 20 kobo, respectively, per share.x
Courteville Business Solutions shed 4.35 per cent to close at 22 kobo, while Wema Bank lost 4.11 per cent to close at 70 kobo. The total volume traded increased by 247.5 per cent to 1.166 billion units, valued at N7.97 billion, and exchanged in 5,591 deals.
Transactions in the shares of UPDC Real Estate Investment Trust topped the activity chart with 755.008 million shares valued at N4.153 billion.
AXA Mansard Insurance followed with 49.508 million shares worth N59.129 million, while Transnational Corporation of Nigeria (Transcorp) traded 44.269 million shares valued at N41.763 million.
Japaul Gold and Ventures traded 29.348 million shares at N34.044 million, while Sterling Bank transacted 26.206 million shares worth N51.849 million.x