The Nigerian stock market, yesterday returned a moderate growth and in the process overhauled previous day decline as investors gained a total of N43 billion.
The lead indicator, all-share-index gained 124.71 absolute points or 0.46 per cent to close at 27,493.12 points. Also, the market capitalisation went up by N43 billion to close at N9.443 trillion.
Analysts attributed yesterday’s rally to bargain hunting in certain key sectors with the Industrial Goods sector leading gains as a result of price appreciation in highly capitalized stocks, Seven Up, Mobil, Presco, Nascon, Nigerian Breweries, Dangote Cement and Guaranty Trust Bank.
For today trading they said, “We expect a quiet trading session tomorrow as investors shift attention to a flurry of economic data set to be released.”
Reviewing market indices showed that Consumer Goods index gained by 0.70 per cent, Industrial Goods index went up by 0.59 per cent, and Insurance appreciated by 0.07 per cent. However, the Banking and Oil & Gas declined by 0.52 per cent and 0.19 per cent respectively.
Market breadth strengthen from the previous day with 17 gainers and 18 losers. Seven Up led the gainers table by 9.40 per cent to close at N127.99 per share. Nahco followed with a gain of 8.40 per cent to close at N3.50, while Skye Bank and Mobil advanced by 5 per cent each to close at 63 kobo and N170.78 per share, respectively. While Wema Bank went up by 4.50 per cent to close at 69 kobo.
On the other hand, May & Baker led the laggards’ table by 8.90 per cent to close at 92 kobo per share. Conoil trailed with a loss of 5 per cent to close at N20.57, while Cutix declined by 4.80 per cent to close at N1.57 per share.
Also, Fidelity Bank declined by 4.10 per cent to close at 93 kobo, while Sterling Bank shed by 4 per cent to close at 96 kobo per share.
Also, the total volume traded appreciated significantly by 285.48 per cent to 230.14 million shares, valued at N2.74 billion, and traded in 3,536 deals.
Transactions in the shares of ETI topped the activity chart with 53.51 million shares valued at N607.72 million. NEM Insurance followed with 30.04 million shares worth N25.1 million, while UBA traded 19.88 million shares valued at N86.89 million.
Source : Leadership