Stock Market Turns Bullish, Gains N1bn

Bullish sentiments resurfaced in the domestic stock market at the yesterday trading session, as bargain hunting in SEPLAT Energy and 17 others drove the market capitalisation higher by N1 billion.

Precisely, the All-Share Index inched higher by 89.52 absolute points, representing an increase of 0.19 per cent  to close at 46,777.37 points. While the overall market capitalisation value gained N1 billion to close at N25.219 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; SEPLAT Energy, Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings, UPDC Real Estate Investment Trust and Cutix.

Afrinvest Limited said that “In the next trading session, we expect bargain buying to support market performance.”

As measured by market breadth, market sentiment was negative as 20 stocks declined relative to 18 gainers. Meyer Plc recorded the highest price gain of 9.86 per cent to close at 86 kobo, per share. Regency Alliance Insurance followed with a gain 7.14 per cent to close at 30 kobo, while FTN Cocoa processors gained 6.45 per cent to close at 33 kobo, per share.

Cutix rose by 5.85 per cent to close at N2.17, while Caverton Offshore Support Group appreciated by 5.56 per cent to close at N1.33, per share. On the other hand, NPF Microfinance Bank led the losers’ chart by 9.64 per cent to close at N2.25, per share. Learn Africa followed with a decline of 9.14 per cent to close at N1.69, while Multiverse Mining and Exploration declined by 8.70 per cent to close at 21 kobo, per share.

R.T.Briscoe Nigeria shed 6.67 per cent to close at 56 kobo, while NASCON Allied Industries (NASCON) by 5.43 per cent to close at N12.20, per share.

The total volume of trades increased by 17.3 per cent to 257.414 million units, valued at N2.343 billion, and exchanged in 4,410 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 67.434 million shares valued at N230.584 million. Transnational Corporation of Nigeria (Transcorp) followed with 40.889 million shares worth N41.390 million, while Wapic Insurance  traded 18.318 million shares valued at N7.373 million.

GTCO traded 15.274 million shares valued at N341.233 million, while Access holdings transacted 14.484 million shares worth N141.311 million.