Transactions on the floor of the Nigerian equities market yesterday closed on a positive note with a gain of 0.38 per cent to sustain the previous day positive momentum on MTN Nigeria Communications (MTNN) and 14 other stocks.
The All Share Index (ASI) increased by 95.49 absolute points, representing a growth of 0.38 per cent to close at 25,236.97 points. Similarly, investors gained N50 billion as market capitalisation increased to N13.165 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Unilever Nigeria, MTNN, Stanbic IBTC Holdings and Flour Mills of Nigeria.
Capital market analysts attributed the renewed positive trend of the market to rekindled buying interests in high priced stocks, positive sentiment for rising crude oil prices at the international market and hope for interim dividend.
Analysts at Afrinvest Limited expected the market to close on a slightly bullish note for the week.
Market sentiment, as measured by market breadth, closed negative as 15 stocks gained, relative to 18 losers. AXA Mansard Insurance recorded the highest price gain of 9.66 per cent, to close at N1.59, per share. Consolidated Hallmark Insurance followed with a gain 8.82 per cent to close at 37 kobo, while Unilever Nigeria appreciated by 8.33 per cent to close at N13.00, per share.
Prestige Assurance went up by 8.16 per cent to close at 53 kobo, while Nigerian Breweries appreciated by 5.88 per cent, to close at N36.00, per share. On the other hand, Ikeja Hotel led the losers’ chart by 9.90 per cent, to close at 91 kobo, per share. Academy Press followed with a decline of 8.97 per cent to close at 30 kobo, while Champion Breweries lost 8.97 per cent to close at 71 kobo, per share.
Unity Bank shed 8.47 per cent to close at 54 kobo, while Neimeth International Pharmaceuticals depreciated by five per cent to close at N1.90, per share.
The total volume traded creased by 25.97 per cent to 258.082 million shares, worth N1.678 billion, and traded in 3,640 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 105.499 million shares valued at N429.954 million. Zenith Bank followed with 25.66 million shares worth N429.954 million, while Chams traded 22.937 million shares valued at N4.827 million.
Guaranty Trust Bank traded 12.533 million shares valued at N311.022 million, while FBN Holdings (FBNH) transacted 7.842 million shares worth N39.592 million.