Stock market extends gains as capitalisation rises by N59b

stock market extends gains as capitalisation rises by n59b

[FILES] Digital Stock exchange panel. Photo; IFLR

The stock market extended positive sentiments to four consecutive trading sessions to close at an upbeat, yesterday, as market capitalisation increased further by N59 billion.

The All-Share Index (ASI) appreciated by 112.76 absolute points, representing an increase of 0.29 per cent to close at 39,128.34 points while the overall market capitalisation value gained N59 billion to close at N20.478 trillion.

Consequently, the month-to-date gain turned positive to 0.2 per cent while the year-to-date loss moderated to 2.8 per cent.

Analysts at Vetiva Dealing & Brokerage ‪said: “As investors continue to show interest in banking names, we foresee some more buying activity on those counters as well as other large caps in the coming sessions, with the slight possibility of profit-taking to temper any advances.”

Yesterday’s gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Conoil, Lafarge Africa, Guaranty Trust Bank, Eterna, and Union Bank of Nigeria.

On the price movement chart, 22 stocks appreciated while 21 constituted the losers’ chart.

Conoil recorded the highest price gain of 9.97 per cent to close at N18.75 kobo while Studio Press Nigeria followed with a gain of 9.88 per cent to close at N1.78 kobo. Eterna rose by 9.48 per cent to close at N6.35 kobo.

University Press rose by 9.4 per cent to close at N1.28 kobo while Lafarge Africa appreciated by 6.83 per cent to close at N21.90 kobo.

On the other hand, Guinness Nigeria led the losers’ chart by 9.89 per cent, to close at N28.70 kobo. Portland Paints & Products Nigeria followed with a decline of 9.85 per cent to close at N2.38 kobo while Academy Press shed 9.76 per cent to close at 37 kobo.

Learn Africa shed 8.26 per cent to close at N1.00 while Regency Alliance Insurance depreciated by 7.41 per cent to close at 25 kobo.

However, the total volume of trades decreased by 29.4 per cent to 239.249 million units, valued at N1.663 billion, and exchanged in 3,746 deals.

Transactions in the shares of Access Bank topped the activity chart with 28.177 million shares valued at N213.188 million. Fidelity Bank followed with 17.171 million shares worth N38.425 million. Mutual Benefits Assurance traded 16.813 million shares valued at N6.031 million.

Guaranty Trust Bank traded 13.683 million shares valued at N423.108 million, while Transnational Corporation of Nigeria transacted 12.639 million shares worth N10.171 million.

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