Stock Market Gains N163bn As 31 Stocks Appreciate

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By Nse Anthony-Uko

(Sundiata Finance) – The Nigerian stock market rose by N163 billion, on Tuesday as 31 stocks appreciated.

In summary, the All Share Index (ASI) gained 474.18 absolute points, representing a gain of 1.26 per cent to close at 37,999.56 points, improving the Year-to-Date returns to 41.4 per cent.

Similarly, the market capitalisation gained N163 billion,  to close at N13.097 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle, Nigerian Breweries, Guinness, Seven Up and Okomu Oil.

Analysts at Afrinvest Limited said, “In subsequent trading sessions, we expect performance to be shaped by the release of outstanding earnings scorecards, particularly among Tier one players in the Banking sector. Whilst we largely expect performance to be over the medium term, the momentum is expected to soften as short term take in subsequent sessions.”

Market breadth was positive, with 31 gainers versus 20 losers. Guinness recorded the highest price gain of 10.25 per cent, to close at N79.38 per share. Dangote Flour followed with a gain of 10.17 per cent to close at N6.39, while Nahco appreciated  by 10 per cent, to close at N3.41 per share.

CI Leasing gained 9.09 per cent to close at N1.20, while Nestle rose by 8.96 per cent to close at N1,154.93 per share.

On the hand, Morison led the losers’ chart by 8.85 per cent, to close at N1.03 per share. Caverton followed with a decline of 8.73 per cent, to close at N1.15, while Conoil depreciated by five per cent to close at N34.58, per share.

Presco went down by 4.99 per cent to close at N70.78 and Oando declined by 3.85 per cent to close at N7.50 per share.

However, the total volume traded depreciated by 14.3 per cent to 218.22 million shares, worth N5.07 billion, and traded in 5,336 deals. Transactions in the shares of FCMB Groups topped the activity chart with 20.21 million shares valued at N24.34 million. Zenith Bank followed with 16.91 million shares worth N416.55 billion, while Sterling Bank traded 15.68 million shares valued at N15.7 million.

Guaranty Trust Bank traded 14.26 million shares valued at N571.83 million, while UBA sold 14.17 million shares worth N136.04 million.