Joshs Finance

Stock Market Rises By N19bn Amid Sustained Bullish Trading – Leadership News

Activities in the Nigerian stock market yesterday closed higher with a gain of N19 billion on sustained bullish activity.

The All Share Index (ASI) rose by 35.48 points, representing an increase of 0.07 per cent to close at 47,545.86 points. Similarly the overall market capitalisation value gained N19 billion to close at N25.632 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guinness Nigeria, Stanbic IBTC Holdings, Unilever Nigeria, Cadbury Nigeria and FBN Holdings (FBNH).

Looking forward, United Capital Plc  expected some slowdown in the equities market after the heavy bargain hunting activities observed in the market, saying, ‘also, we expect the dividend reinvesting activities to slow down.’

As measured by market breadth, market sentiment was negative as 31 stocks lost relative to 21 gainers.

MEYER Plc recorded the highest price gain of 10 per cent to close at N1.76, per share. Guinness Nigeria followed with a gain 6.86 per cent to close at N74.80, while NPF Microfinance Bank rose by 6.80 per cent to close at N2.20, per share.

Cadbury Nigeria went up by five per cent to close at N8.40,  while Unilever Nigeria   appreciated by 4.51 per cent to close at N12.75, per share.

On the other hand, Academy Press led the losers’ chart by 9.72 per cent to close at N1.30, per share. John Holt followed with a decline of 9.30 per cent to close at 78 kobo, while Japaul Gold and Ventures depreciated by 9.09 per cent  to close at 30 kobo, per share.

Neimeth International Pharmaceuticals declined by 8.23 per cent to close at N1.45, while Pharma Deko Plc depreciated by 7.51 per cent to close at N1.60, per share.

The total volume traded declined by 5.1 per cent to 365.454 million units, valued at N7.106 billion, and exchanged in 5,790 deals.

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Transactions in the shares of Fidelity Bank topped the activity chart with 33.758 million shares valued at N132.131 million. Access Holdings followed with 23.960 million shares worth N247.074 million, while MTN Nigeria Communications (MTNN) traded 22.152 million shares valued at N4.719 billion.

Omatek Ventures traded 17.899 million shares valued at N3.580 million, while R.T. Briscoe Nigeria transacted 15.074 million shares worth N8.892 million.

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