Following continued bargain hunting in the shares of some blue-chip businesses, the Nigerian stock market reversed losses to settle in positive territory yesterday, resulting in a N3 billion increase in market capitalization.
In conclusion, the all-share index (ASI) increased by 6.17 absolute points, or 0.01 percent, to close at 41,813.27 points.
Similarly, the total market capitalisation increased by N3 billion to N21.825 trillion.
Price increase of large and medium-cap firms, including as Nigerian Exchange Group (NGXGroup), UPDC Real Estate Investment Trust, Zenith Bank, NEM Insurance, and Morison Industries, drove the market higher.
Vetiva Dealings and Brokerage said: “The banking sector continues to enjoy positive sentiments, as investors take up last minute positions in attractive counters like Access, Zenith and GTCO.
“With tomorrow being the last trading session of the week and the year, we expect a mixed session amid minimal activity level.”
Market sentiment, as measured by market breadth, was positive as 21 stocks gained, while 12 others depreciated.
Consolidated Hallmark Insurance recorded the highest gain of 10 per cent to close at 77 kobo while Mutual Benefits Assurance followed with a gain of 9.68 per cent to close at 34 kobo. Regency Alliance Insurance up by 9.30 per cent to close at 47 kobo. Unity Bank rose by 8.33 per cent to close at 52 kobo. Wapic Insurance appreciated by 8.16 per cent to close at 53 kobo.
On the other hand, FTN Cocoa processors led the losers’ chart by 7.50 per cent to close at 37 kobo. Royal Exchange and Veritas Kapital Assurance followed with a decline of 4.76 per cent each to close at 80 kobo and 20 kobo.
Ecobank Transnational Incorporated (ETI) shed 3.47 per cent to close at N8.35, while Ardova depreciated by 2.99 per cent to close at N13.
The total volume of trades rose by 99.78 per cent to 359.960 million units, valued at N1.844 billion, and exchanged in 3,607 deals.
Transactions in the shares of Jaiz Bank topped the activity chart with 97.555 million shares valued at N53.044 million
Sterling Bank followed with 29.447 million shares worth N43.30 million, while UPDC Real Estate Investment Trust traded 14.302 million shares valued at N56.854 million.
NGXGroup traded 11.794 million shares valued at N235.823 million, while Access Bank transacted 11.505 million shares worth N104.138 million.
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator and a recipient of the D9112 Superstar Icon Award, who writes ruthlessly about pop culture, religion, politics and entertainment.
