Following price gains recorded by most bluechip stocks, the bulls sustained their hold on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, causing the All Share Index (ASI) to rise further by 0.62 per cent.
The ASI increased by 140.53 absolute points, representing an increase of 0.62 per cent to close at 22,868.40 points. Similarly, the market capitalisation rose by N73 billion to close at N11.918 trillion.
The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; MTN Nigeria, Ardova Plc, UAC of Nigeria (UACN), Vitafoam Nigeria and Lafarge Africa.
Analysts at Afrinvest Limited predicted that more corporate earnings releases would sharpen the direction of the market for the rest of the week.
Market breadth closed positive, with 14 gainers versus 12 losers. Courteville Business Solutions recorded the highest price gain of 10 per cent to close at 22 kobo per share.
Vitafoam Nigeria followed with 9.98 per cent to close at N4.96, and Ardova Plc increased 9.95 per cent to close at N10.50, per share.
UACN rose 9.68 per cent to close at N6.80, while Aiico Insurance appreciated by 6.25 per cent to close at 85 kobo, per share.
On the other hand, Eterna led the losers’ chart by 9.62 per cent to close at N2.16 per share, while Lasaco Assurance shed 7.14 per cent to close at 26 kobo, per share. Cornerstone Insurance lost 6.78 per cent to close at 55 kobo, and Chams shed 4.35 per cent to close at 22 kobo, per share.
The total volume traded advanced by four per cent to 277.429 million shares worth N2.548billion, traded in 4,464 deals. Transactions in the shares of FBN Holdings topped the activity chart with 56.622 million shares valued at N256.858million.
United Bank for Africa (UBA) followed with 52.769 million shares worth N318.435million, while Lasaco Assurance traded 23.947 million shares at N6.262million.
Guaranty Trust Bank traded 22.326 million shares valued at N470.405million, while Zenith Bank transacted 21.721 million shares worth N322.071million.