Bulls sustain dominance as capitalisation rises further by N150b

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Nigerian Stock Exchange

The bulls sustained dominance on the Nigerian Exchange Limited (NGX) as more blue-chip stocks joined the league of gainers, resulting to a further rise in market capitalisation by N150 billion.

Yesterday, market capitalisation of listed equities increased by 0.74 per cent to N20.416 trillion from N20.266 trillion reported the previous day. Also, the All Share Index (ASI) rose by 289.25 basis points to 39170.95 points from 38881.70 points traded the previous day.

Investors traded 181.526 million shares valued at N3.959 billion in 3217 deals against 218.514 million shares worth N1.590 billion that exchanged hands in 3630 deals.

Analysts at Afrinvest Research said: “In the coming trading session, we expect the positive performance to be extended on the back of bargain hunting activities in the market.

Vetiva Dealings and Brokerage said: “With positive sentiment taking hold of the market, we expect a similar trading outcome in tomorrow’s session. However, we do highlight the possibility of some profit taking to temper moderate prospective gains.”

On the price movement chart, 25 stocks appreciated in price while six others constituted the losers’ chart. Cutix Plc led the gainers’ chart with 10 per cent to close at N2.53 kobo while Okomu Oil followed with a loss of 9.75 per cent to reach N116.50 kobo. Union Bank of Nigeria (UBN) added 9.43 per cent to close at N5.80 kobo. Honey Well Flour Mills gained 8.62 per cent to close at N1.26 kobo. ABC Transport also appreciated by 8.11 per cent to N0.40 kobo.

However, Sovereign Trust Insurance topped losers chart for the day, dropping by 3.57 per cent to close at N0.27 kobo, Jaiz Bank trailed with a loss of 3.39 per cent to close at N0.57 kobo.

FCMB group dipped by 1.59 per cent to close at N3.10 kobo, FBNHoldings dropped by 1.37 per cent to N7.20 kobo while Sterling Bank went down by 1.23 per cent to hit N1.60 kobo.

On the activity chart, Zenith Bank PLC was the most active stock during the day, exchanging 20.759 million shared valued at N476.127 million. Sterling Bank followed with account of 19.377 million shares valued at N31.005 million.

Guaranty Trust Bank recorded 15.119 million shares valued at N432.816 million, FBNHoldings traded 11.585 million shared worth N83.872 million while Fidelity Bank exchanged 11.308 million shares cost N25.495 million.