Chinwendu Obienyi, Lagos
The performance of equities trading on the floor of the Nigerian Stock Exchange (NSE) remained slightly bullish today as the All Share Index (ASI) went northward, albeit, mildly by 0.09 per cent to close at 30,773.57 points.
Consequently, investors’ wealth increased slightly by N11 billion as market capitalisation rose to N11.475 trillion.
Activity level improved as volume and value traded advanced 3.9 and 181.2 per cent to 190.31 million units and N2.92 billion respectively, exchanged in 3,183 deals.
The Insurance index led gainers up 1.0 per cent due to gains in AIICO(+3.1 per cent) while the Oil & Gas index also inched 0.4 per cent following price appreciation in OANDO(+3.1 per cent). Similarly, the Banking and Industrial Goods indices appreciated 0.2 per cent apiece, following gains in GT Bank (+0.7 per cent), Access Bank (+1.6 per cent), and Beta Glass (+10.0 per cent). On the flip side, the Consumer Goods index was down by 0.1 per cent owing to price depreciation in Dangote Sugar (-3.2 per cent) and Honeywell Flour (-2.4 per cent).
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened as 21 stocks appreciated in value while 12 others depreciated.
Beta Glass topped the gainers’ chart with 10 per cent to close at N66 per share, ABC Transport followed with 8.33 per cent to close at 0.39 kobo, Chip Plc increased by 6.90 per cent to close at 0.31 kobo, Sunu Assurance rose by 5 per cent to close at 0.21 kobo while Regal Insurance garnered 4.76 per cent to close at 0.22 kobo.
On the other hand, AG Levent topped losers’ chart with 6.90 per cent to close at 0.27 kobo. NAHCO was next with a decline of 3.77 per cent to close at N3.32, Dangote Sugar lost 3.23 per cent to close at N13.50, Honeywell Flour fell by 2.44 per cent to close at N1.20 while Sterling Bank declined by 1.67 per cent to close at N2.35 per share.
GT Bank was the toast of investors with the sale of 49.24 million shares valued at N1.67 billion. Zenith Bank sold 20.74 million shares valued at N473.24 million while FBN Holdings traded 18.87 million worth N140.87 million.
Reacting, Analysts at Afrinvest said, “We expect bargain hunting to further persist but do not rule out the possibility of sell-offs in subsequent trading sessions as we approach the general elections.”
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