Investors’ appetite for increased capital appreciation on dividend stocks, yesterday buoyed transactions on the equity sector of the Nigerian stock Exchange, as market capitalisation appreciated further by N26 billion.
Specifically, at the close of transactions yesterday, the All-Share Index (ASI) gained 71.73 absolute points, representing a growth of 0.19 per cent to close at 37,017.78 points. Similarly, the market capitalisation gained N26 billion to close at N13.410 trillion.
The rising profile was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company, Cement Company of Northern Nigeria (CCNN), Nigerian Breweries and Champion Breweries.
Analysts at Cordros Capital said: “Despite gains in today’s session, our outlook for equities in the near to medium term remains conservative, in the absence of a near term one-off positive catalyst; and more so, amidst brewing political concerns. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”
However, market breadth closed negative, with 17 gainers versus 24 losers. Equity Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo per share. Prestige Assurance followed with a gain of 9.62 per cent to close at 57 kobo.
Mutual Benefit Assurance rose by 9.09 per cent to close at 36 kobo per share.
Neimeth International Pharmaceuticals rose by 8.70 per cent to close at 50 kobo, while Union Dicon Salt gained 8.33 per cent to close at 26 kobo per share.
On the other hand, Diamond Bank and Okomu Oil led the losers’ chart by 10 per cent each, to close at N1.26 and N74.70 per share, respectively, while Jaiz Bank shed 9.38 per cent to close at 58 kobo per share.
Transnational Corporation of Nigeria (Transcorp) declined by 6.98 per cent to close at N1.20 and PZ Cussons also shed 5.63 per cent to close at N15.10 per share.
The total volume traded depreciated by 21.97 per cent to 244.97 million shares, worth N4.49 billion, and traded in 5,943 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 39.65 million shares valued at N1.61 billion.
United Bank for Africa (UBA) followed with 27.99 million shares worth N272.47 million, while Sterling Bank traded 27 million shares valued at N37.85 million.
FBN Holdings traded 23.1 million shares valued at N232.46 million, while United Capital transacted 10.38 million shares worth N32.71 million.
