Gains in 35 stocks lift market capitalisation by N95 billion

The domestic equities market reversed losses to reopen upbeat, yesterday, as market capitalisation appreciated by N95 billion, buoyed by gains in Unilever Nigeria Plc and 34 others.

At the close of transactions, the all-share index (ASI) gained 167.84 points, representing a gain of 0.17 per cent to close at 99,385.44 points.

Also, market capitalisation rose by N95 billion to close at N56.221 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are Unilever Nigeria, Oando, FBN Holdings (FBNH), CWG and Dangote Sugar Refinery.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “Investors have taken a ‘wait-and-see’ approach to the market, as bargain-hunting sentiment dictates activity throughout this week. We expect to see a similar session in the market tomorrow, as investors continue to favor fundamentally sound names.”

As measured by market breadth, market sentiment was positive, as 35 stocks gained relative to 13 losers. FTN Cocoa Processors, Oando and CWG emerged the highest price gainer of 10 per cent each to close at N1.54 kobo, N13.75 kobo and 60 kobo, respectively.

C & I Leasing followed with a gain of 9.33 per cent to close at N3.28 kobo, while Veritas Kapital Assurance advanced by 9.09 per cent to close at 96 kobo.

On the other side, Secure Electronic Technology led others on the losers’ chart with 10 per cent to close at 54 kobo. Cornerstone Insurance followed with a decline of 8.64 per cent to close at N2.01, kobo while Royal Exchange shed 7.58 per cent to close at 61 kobo.

Tantalizer lost 4.17 per cent to close at 46 kobo, while Universal Insurance depreciated by 2.78 per cent to close at 35 kobo.

The total volume of trades dipped by 23.6 per cent to 276.364 million units, valued at N4.120 billion, and exchanged in 7,597 deals.

Transactions in the shares of Access Holdings led the activity with 45.336 million shares worth N859.399 million. AIICO Insurance followed with account of 23.955 million shares valued at N22.906 million, while Guaranty Trust Holding Company (GTCO) traded 13.850 million shares valued at N608.119 million.

Fidelity Bank traded 13.231 million shares worth N133.746 million, while Skyway Aviation Handling Company traded 12.000 million shares worth N244.804 million.