The Nigerian equities market sustained rising profile, yesterday, as market capitalisation increased by N131 billion amid price appreciation in Guinness Nigeria Plc and 28 other stocks.
The all-share index (ASI) rose by 231.71 points, representing a gain of 0.21 per cent to close at 100,299.48 points. Accordingly, market capitalisation gained by N131 billion to close at N56.738 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Stanbic IBTC Holdings, Lafarge Africa, Guaranty Trust Holding Company (GTCO) and Industrial & Medical Gases Nigeria (IMG).
As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 19 losers. Reacting on market performance, analysts at SCM Capital said :The new trading quarter is expected to start strong but with mixed investor sentiment, focusing on upcoming earnings reports and interim dividends, especially in the banking sector.
“Bargain hunters are capitalizing on recent market pullbacks, and investors are encouraged to target stocks with strong fundamentals amidst ongoing portfolio repositioning.”
On the price movement chart, Cornerstone Insurance recorded the highest price gain of 9.57 per cent to close at N2.29 kobo while RT Briscoe Nigeria followed with a gain of 9.38 per cent to close at 70 kobo. IMG rose by 9.24 per cent to close at N13.
UPDC Real Estate Investment Trust went up by nine per cent to close at N5.45 kobo while Caverton Offshore Support Group appreciated by 6.92 per cent to close at N1.39 kobo.
On the other hand, University Press led the losers' chart by 10 per cent, to close at N2.25, per share. DAAR Communication followed with a decline of 5.88 per cent to close at 48 kobo, while Omatek Ventures declined by 5.8 per cent to close at 65 kobo.
Neimeth International Pharmaceuticals depreciated by 5.63 per cent to close at N1.51 kobo. Unity Bank also declined by 5.49 per cent to close at N1.55 kobo.
The total volume traded decreased by 6.41 per cent to 342.196 million units, valued at N4.753 billion, and exchanged in 7,592 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 137.641 million shares valued at N1.418 billion. Universal Insurance followed with 21.229 million shares worth N8.565 million, while AIICO Insurance traded 14.923 million shares valued at N15.553 million.
Access Holdings traded 14.881 million shares valued at N290.942 million, while Cornerstone Insurance sold 9.405 million shares worth N21.34 million.
