Bullish sentiments returned to the Nigerian equities market yesterday, as investors’ interest in Dangote Cement and 23 others drove the market capitalisation to hit N24 trillion benchmark.
The All-Share Index (ASI) increased by 749.52 absolute points, representing a growth of 1.71 per cent to close at 44,608.82 points. Similarly, the overall market capitalisation size gained N403 billion to close at N24.034 trillion.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; SEPLAT Energy, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods and Guinness Nigeria.
Analysts at Afrinvest Limited anticipated that bargain hunting would persist on improved investor sentiment. As measured by market breadth, market sentiment was positive as 24 stocks gained relative to 15 losers. Academy Press and Jaiz Bank recorded the highest price gain of 10 per cent each to close at 66 kobo each, while Unity Bank followed with a gain 8.70 per cent to close at 50 kobo, per share.
Sovereign Trust Insurance went up by 8.33 per cent to close at 26 kobo, while Mutual Benefits Assurance appreciated by 7.41 per cent to close at 29 kobo, per share. On the other hand, Consolidated Hallmark Insurance and Regency Alliance Insurance led the losers’ chart by 8.70 per cent each to close at 63 kobo and 42 kobo, respectively, while SUNU Assurance followed with a decline of 8.11 per cent to close at 34 kobo, per share.
AIICO Insurance lost 3.70 per cent to close at 78 kobo, while Neimeth International Pharmaceuticals shed 3.23 per cent to close at N1.80, per share.
The total volume traded decreased by 9.6 per cent to 266.328 million units, valued at N3.822 billion, and exchanged in 4,502 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 89.018 million shares valued at N89.874 million. FBN Holdings (FBNH) followed with 30.491 million shares worth N365.671 million, while Jaiz Bank traded 14.203 million shares valued at N8.974 million.
Sterling Bank traded 11.695 million shares valued at N17.702 million, while Guaranty Trust Holding Company (GTCO) transacted 9.831 million shares worth N250.319 million.