Business

Market cap gains 0.3%, maintains bullish run

The Nigerian equities market extended its bullish run on Wednesday with the All-Share Index returning to 41,000 mark.

Specifically, the All-Share Index rose by 154.83 points or 0.38 per cent to close at 41,051.19 from 40,896.96 posted on Tuesday.

Thus, the month-to-date and year-to-date returns increased to 2.1 per cent and 1.9 per cent, respectively. 

The market positive performance could be attributed to investors’ increased buy-interest in all major sectors.

Similarly, the market capitalisation inched higher by N81 billion or 0.38 per cent to close at N21.391 trillion against N21.310 trillion achieved on Tuesday.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Okomu Oil, Lafarge Africa, Transcorp Hotels, Cadbury and Guaranty Trust Holding Company (GTCO).

Analysts at Afrinvest Limited said, “We expect the positive momentum to be sustained in the next trading session as investors continue to rebalance their portfolio ahead of the third quarter earnings season.” 

The market breadth closed positive with 29 gainers and 14 laggards.

Transcorp Hotel drove the gainers’ chart in percentage terms by 9.94 per cent to close at N5.97 per share. 

Champion Breweries followed with 9.88 per cent to close at N2.78, while Consolidated Hallmark Insurance rose by 9.09 per cent to close at 60k per share. 

Okomu Oil improved by 8.23 per cent to close at N125, while University Press and Japaul Gold and Ventures appreciated by 6.67 per cent each to close at N1.60 and 48k per share, respectively. 

On the other hand, FTN Cocoa Processors led the losers’ chart in percentage terms by eight per cent to close at 46k per share.

Associated Bus Company followed with a loss of 5.88 per cent to close at 32k per share. 

Regency Alliance Insurance dipped five per cent to close at 38k, while Universal Insurance and Ikeja Hotels shed 4.55 per cent each to close at 21k and N1.05 per share,respectively. 

Transactions in the shares of FBN Holdings topped the activity chart with 148.35 million shares valued at N1.672 billion. 

Universal Insurance followed with 46.17 million shares worth N9.71 million, while Ecobank Transnational Incorporated traded 42.55 million shares valued at N316.09 million. 

GTCO sold 32.61 million shares valued at N923.01 million, while Fidelity Bank transacted 19.73 million shares worth N53.19 million.

In all, the total volume of shares traded dropped by 20.87 per cent to 446.17 million units valued at N4.47 billion in 4,704 deals.

This was against a total of 563.88 million shares worth N5.09 billion traded in 4,253 deals on Tuesday. 

(NAN)

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