Bullish sentiments persisted in the Nigerian equities market as capitalisation advanced by N39 billion.
The All Share Index (ASI) rose by 71.64 absolute points, representing a gain of 0.16 percent to close at 44,859.78 points.
Accordingly, investors gained N39 billion in value as market capitalisation went up to N24.434 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, BUA Cement, Multiverse Mining & Exploration and University Press.
On market outlook, analysts at United Capital Plc expected mixed sentiments to persist, as pre-election risks amplify and investors anticipate the release of companies third quarter (Q3) results.
However, market breadth remained negative as 12 stocks posted gains while 19 stocks posted declines. Multiverse Mining & Exploration and R.T. Briscoe Nigeria recorded the highest price gain of 10 percent each to close at N4.62 and 33 kobo, while University Press followed with a gain of 9.15 percent to close at N1.79, per share. FTN Cocoa processors went up by 7.41 percent to close at 29 kobo, while AIICO Insurance and Geregu Power appreciated by 5.45 percent each to close at 58 kobo and N116.00, per share.
On the other hand, Cutix led the losers’ chart by 6.51 percent to close at N2.01, per share. Jaiz Bank followed with a decline of 6.19 percent to close at 91 kobo, while Dangote Sugar Refinery went down by 5.83 to close at N15.35, per share. Sterling Bank lost 3.85 percent to close at N1.50, while Sovereign Trust Insurance shed 3.85 percent to close at 25 kobo, per share.
The total volume traded declined by 41.26 percent to 93.515 million shares, worth N3.383 billion, and traded in 3,187 deals. Transactions in the shares of Geregu Power topped the activity chart with 12.794 million shares valued at N1.292 billion. Sterling Bank followed with 9.485 million shares worth N14.276 million, while Access Holdings traded 6.318 million shares valued at N48.610 million.
Zenith Bank traded 6.246 million shares valued at N122.708 million, while Ecobank Transnational Incorporated (ETI) transacted 5.623 million shares worth N62.411 million.
