Sustained bargain-hunting in most blue-chip stocks buoyed transactions on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, as market capitalisation increased further by N44billion.
Specifically, at the close of trading Tuesday, the All Share Index (ASI) increased by 85.19 absolute points, representing a gain of 0.34 per cent to close at 25,335.15 points. Similarly, the market capitalisation rose by N44billion to close at N13.216trillion.
The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; BUA Cement, BOC Gases Nigeria, Dangote Sugar Refinery, Neimeth International Pharmaceuticals, and Prestige Assurance.
Analysts at Afrinvest Limited, said: “We expect to see gains in the next trading session as investors continue to seek bargain-hunting opportunities.”
However, market breadth closed negative, with 13 gainers versus 22 losers. BOC Gases Nigeria, Mutual Benefits Assurance, and Royal Exchange recorded the highest price gain of 10 per cent each, to close at N4.51, 22 kobo, and 22 kobo, per share, respectively.
Neimeth International Pharmaceuticals followed with 9.79 per cent to close at N2.13, while Prestige Assurance rose by 9.38 per cent to close at 70 kobo, per share.
Linkage Assurance edged up 4.17 per cent to close at 50 kobo, and BUA Cement appreciated by 4.10 per cent to close at N43.20, per share.
On the other hand, Mobil Nigeria led the losers’ chart by 9.96 per cent, to close at N192.60 per share.
Fidson Healthcare followed with 7.69 per cent to close at N3.00, while Japaul Oil & Maritime Services lost 7.41 per cent to close at 25 kobo, per share.
Red Star Express lost 6.56 per cent to close at N3.56, and Jaiz Bank shed 5.63 per cent each to close at 67 kobo, per share.
The total volume of trade rose 16.6 per cent to 268.740 million units, valued at N1.121billion, exchanged in 4,137 deals. Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 99.450 million shares worth N20.865million.
FCMB Group followed with 21.890 million shares at N37.663million, while FBN Holdings traded 17.924 million shares valued at N96.593 million. United Bank of Africa (UBA) traded 12.139 million shares worth N82.216million, and Caverton Offshore Support Group transacted 10.603 million shares at N26.091million.