Bullish trend continues as equities investors gain N252 billion

The Nigerian stock market yesterday sustained the uptrend with N252 billion or 1.12 percentage gain as investors staked more money in Airtel Africa and 23 others.

In summary, the All-Share Index (ASI) increased by 483.68 absolute points, representing a rise of 1.12 per cent to close at 43,730.55 points. Similarly, the overall market capitalisation value rose by N252 billion to close at N22.821 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel Africa, MTN Nigeria Communications (MTNN), Ardova, Lafarge Africa and UAC of Nigeria (UACN).

Analysts at Afrinvest Limited stated that “In the subsequent trading session, we expect the positive sentiment to linger due to sustained interest in the ICT space.”

Similarly, the market breadth closed positive, recording 24 gainers as against 16 losers. Associated Bus Company and FTN Cocoa processors recorded the highest price gain of 10 per cent each to close at 33 kobo and 44 kobo, respectively, while Ardova Plc followed with a gain of 7.38 per cent to close at N14.55, per share.

UACN rose by 7.14 per cent to close at N11.25, while Livestock Feeds appreciated by 6.83 per cent to close at N2.19, per share. On the other hand, Berger Paints Nigeria led the losers’ chart by 9.52 per cent to close at N8.55, per share. Caverton Offshore Support Group followed with a decline of 9.09 per cent to close at N1.70, while University Press declined by 7.39 per cent to close at N2.13, per share.

Regency Alliance Insurance declined by 6.82 per cent to close at 41 kobo, while Conoil Plc shed 5.65 per cent to close at N21.70, per share.

Meanwhile, the total volume of trades declined by 36.72 per cent to 280.714 million units, valued at N3.476 billion, and exchanged in 4,342 deals.

Transactions in the shares of Sterling Bank topped the activity chart with 83.313 million shares valued at N125.056 million. UACN followed with 34.207 million shares worth N360.536 million, while Zenith Bank traded 17.478 million shares valued at N427.157 million.

United Capital traded 17.450 million shares valued at N169.807 million, while Access Bank transacted 15.273 million shares worth N144.366 million.