The domestic equities market yesterday reversed the bearish performance recorded in the last two trading sessions following buy interest in Zenith Bank Plc and 20 others.
As a result, the All Share Index (ASI) rose by 238.69 absolute points, representing a gain of 0.54 percent to close at 44,046.94 points. Accordingly, investors gained N130 billion in value as market capitalisation went up to N23.991 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO), Lafarge Africa and MTN Nigeria Communications (MTNN).
Analysts at Afrinvest Limited said “despite the positive outing at the local bourse, sentiment worsened at a broad level. Hence, we maintain our bearish outlook in subsequent trading sessions.”However, market breadth closed negative as 21 stocks posted gains while 24 stocks posted declines. Cornerstone Insurance recorded the highest price gain of 10 percent to close at 44 kobo, per share. MRS Oil Nigeria followed with a gain 9.73 percent to close at N14.10, while Zenith Bank went up by 8.46 per cent to close at N21.80, per share.
GTCO went up by 6.63 per cent to close at N19.30, while Lafarge Africa appreciated by 5.97 per cent to close at N21.30, per share. On the other hand, Eterna led the losers’ chart by 10 per cent to close at N5.67, per share. Guinness Nigeria followed with a decline of 9.98 per cent to close at N67.20, while SCOA Nigeria went down by 9.49 to close at N1.43, per share. SUNU Assurance lost 9.38 per cent to close at 29 kobo, while Courteville Business Solutions shed 8.00 per cent to close at 46 kobo per share.
The total volume traded advanced by 54.1 per cent to 159.438 million shares, worth N2.861 billion, and traded in 3,039 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 27.948 million shares valued at N114.001 million. GTCO followed with 20.824 million shares worth N388.067 million, while Zenith Bank traded 14.014 million shares valued at N295.276 million.
FBN Holdings (FBNH) traded 8.869 million shares valued at N94.787 million, while Unity Bank transacted 7.265 million shares worth N3.662 million.
