Nigerian Exchange halts losing streak, up N11bn
The domestic stock market on Thursday closed trading on a positive note, halting the three consecutive trading losses with a growth of N11 billion.
The market capitalisation which opened at N20.242 trillion inched higher by N11 billion or 0.06 per cent to close at N20.253 trillion.
Also, the All-Share Index rose by 21.43 points or 0.05 points to close at 38,874.12 against 38,852.69 achieved on Wednesday.
Month-to-date and year-to-date losses moderated to 0.9 per cent and 3.5 per cent, respectively.
The positive performance was driven by investors’ bargain-hunting in Insurance, oil & gas, and consumer goods stocks.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Guaranty Trust Holding Company (GTCO), Flour Mills, Nigerian Aviation Handling Company (NAHCO), Oando and Pharma Deko.
Analysts at Afrinvest Limited said: “In the final trading session, we expect the local bourse to extend the positive momentum as investor sentiment continues to build up.”
The market breadth closed positively with 16 gainers, against 12 losers.
NAHCO drove the gainers’ chart in percentage terms by 10 per cent to close at N3.52 per share.
Pharm Deko followed with 9.55 per cent to close at N1.95, while Veritas Kapital Assurance appreaciated 9.52 per cent to close at 23k per share.
Cornerstone Insurance was up by 9.43 per cent to close at 58k, while Chams appreciated by 4.76 per cent to close at 22k per share.
On the other hand, Sovereign Trust Insurance led the laggards’ chart in percentage terms by 4.17 per cent to close at 23k per share.
UACN Property Development Company followed by 3.68 per cent to close at N1.83, while Ecobank Transnational Incorporated lost 2.83 per cent to close at N5.15 per share.
Transcorp declined by 2.17 per cent to close at 90k, while Prestige Assurance shed 2.08 per cent to close at 47k per share.
However, the total volume of trades dropped 19.25 per cent with an exchange of 125.79 million units valued at N1.27 billion traded in 2,990 deals.
This was in contrast with 155.77 million shares worth N1.51 billion transacted in 3,256 deals on Wednesday.
Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 13.72 million shares valued at N4.12 million.
United Capital followed with 11.46 million shares worth N97.61 million, while GTCO traded 9.95 million shares valued at N270.93 million.
Zenith Bank sold 9.20 million shares worth N210.48 million, while Transcorp transacted 7.57 million shares valued at N6.87 million.