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Nigeria equity market posts first gains of the week with cap up by N261 bln

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By Ifeyinwa Ezeokoli

The Nigerian equity market recorded its first gain this week as buying interest in Dangote Cement Plc and 21 others stocks drove the market higher by 0.90 percent.

The All-Share Index (ASI) rose by 479.17 points, representing a gain of 0.90 percent, to close at 53,603.80 points.

Accordingly, the month-to-date and year-to-date returns settled at -4.0 percent and +4.6 percent, respectively.

Similarly, investors gained N261 billion in value as market capitalization closed higher at N29.201 trillion.

The upturn was impacted by gains recorded in medium and large-cap stocks, amongst which are Dangote Cement, Zenith Bank, Lafarge Africa, PZ Cussons, and Oando.

On the market outlook, Afrinvest Limited said that we expect the market to sustain yesterday’s bullish momentum as investors. Continue to cherry-pick on fundamentally sound stocks with consistent dividend payment histories.”

As measured by market breadth, market sentiment was positive, with 22 gainers in relation to 14 losers.

Oando led the gainers’ chart with 9.84 percent to close at N4.91 per share.

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Caverton Offshore Support Group followed with 8.08 percent to close at N1.07, while Ikeja Hotel rose by 7.77 percent to close at N1.11 per share.

Transcorp rose by 7.14 percent to close at N1.50, while Dangote Cement appreciated by 5.07 percent to close at N290 per share.

On the other hand, May & Baker Nigeria led the losers’ chart by 8.70 percent to close at N4.20 per share.

Consolidated Hallmark Insurance followed with a decline of 8.06 percent to close at 57, while R.T. Briscoe Nigeria went down by 7.69 percent to close at 24 kyats per share.

FTN Cocoa processors lost 7.14 percent to close at 26K, while Chemical and Allied Products shed 5.79 percent to close at N17.90 per share.

The total volume traded increased by 16.4 percent as investors traded 236.07 million shares valued at N3.26 billion in 3,907 deals.

Transactions in the shares of Transcorp topped the activity chart with 91.39 million shares valued at N134.24 million.

Zenith Bank followed with 27.09 million shares worth N696.206 million, while Guaranty Trust Holding Company traded 22.072 million shares valued at N551.45 million.

United Bank for Africa accounted for 16.58 million shares valued at N132.76 million, while Sterling Bank transacted 11.98 million shares worth N19.10 million.

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