Renewed bargain hunting lifts index by 0.7 per cent

Following renewed bargain hunting in Dangote Cement and 13 stocks, the Nigeria Exchange Limited (NGX) halted five days’ losses to close in an upbeat yesterday, as the All-Share Index appreciated by 0.7 per cent.

Precisely, the All-Share Index inched higher by 335.01 absolute points, representing an increase of 0.7 per cent to close at 51,091.75 points while the overall market capitalisation value gained N181 billion to close at N27.544 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, MRS Oil Nigeria, Nigerian Aviation Handling Company (NAHCO), SEPLAT Energy and Oando.

On market outlook, GTI Securities Limited said: “Equities market resumed a bullish trend, as investors traded oversold stocks. We expect profit taking to continue in the domestic market throughout the week.

“The ASI was able to close in the green due to price appreciation in the large cap stock – DANGCEM, as the market still witnessed bearish investor sentiment. We anticipate another mixed sectoral performance tomorrow amid mild bargain hunting activities.”

However, market sentiment, as measured by market breadth, closed negative as 22 stocks lost, while 14 others appreciated in price. Livestock Feeds recorded the highest price gain of 10 per cent to close at N1.32, per share. MRS Oil Nigeria followed with a gain of 9.80 per cent to close at N16.25, while Dangote Cement appreciated by 8.30 per cent to close at N270.

Nigerian Aviation Handling Company (NAHCO) rose by 7.69 per cent to close at N8.40, while Royal Exchange appreciated by 5.56 per cent to close at 95 kobo, per share

Oando gained 5.09 per cent to close at N5.78 kobo while Union Bank garnered 4.63 per cent to close at N5.65 kobo. Cornerstone Insurance advanced by 3.33 per cent to close at 62 kobo. TransNational Corporation added 3.20 per cent to close at N1.29 kobo.

Neimeth appreciated by 1.96 per cent to close at N1.56 kobo. Cutix gained 84 per cement to close at N2.40 kobo. NGXGroup also improved by 61 per cent to close at N24.60 kobo.

On the other hand, Learn Africa and BUA Foods led the losers’ chart by 10 per cent each to close at N2.25 and N49.50 kobo respectively, while Japaul Gold and Ventures followed with a decline of 9.68 per cent to close at 28 kobo.

GlaxoSmithKline Consumer Nigeria (Glaxosmith) declined by 9.22 per cent to close at N6.40 kobo while NASCON Allied Industries depreciated by 8.56 per cent to close at N11.75 kobo.

Meanwhile, the total volume of trades fell by 51.60 per cent to 166.969 million units, valued at N2.740 billion, and exchanged in 4,398 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 19.338 million shares valued at N24.392 million. United Bank for Africa (UBA) followed with 17.590 million shares worth N131.213 million, while Guaranty Trust Holding Company (GTCO) traded 17.287 million shares valued at N365.183 million.

Zenith Bank traded 12.807 million shares valued at N281.88 million, while FBN Holdings (FBNH) transacted 11.335 million shares worth N95.428 million.