By Nse Anthony-Uko
(Sundiata Finance) — The Nigerian equities market maintained its bullish trend, yesterday as investors gained N53 billion on continuing demand. In summary, the All-Share Index (ASI) rose by 153.65 absolute points, representing an increase of 0.47 per cent to close at 32,981.63 points. Similarly, the market capitalisation gained N53 billion, to close at N11.367 trillion.
The uptrend was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seven Up, Seplat, Chemical and Allied Products, Forte Oil and Nestle. Analysts at APT Securities and Funds Limited stated that, “The positive sentiment displayed by the market can be attributed to bargain hunting in big capitalised stocks.
“The uptrend in the market can be sustained provided investors’ sentiment remain upbeat and this will be accompanied by second quarter corporate announcement amidst positive economic news.” Market breadth was positive, with 29 gainers versus 15 losers. Seven Up recorded the highest price gain of 8.82 per cent, to close at N89.23 per share.
Neimeth followed with a gain of 7.14 per cent to close at 75 kobo, Chemical and Allied Products and Linkage Assurance gained five per cent each to close at N35.70 and 63 kobo, respectively, while ETI went up by 4.96 per cent to close at N13.76 per share.
On the other hand, UPL led the losers’ chart by 9.60 per cent, to close at N2.92 per share. Champion Breweries followed with a loss of 7.55 per cent to close at N2.57, while United Capital shed 7.29 per cent each to close at N3.05, per share. Conoil depreciated by 7.29 per cent to close at N31.55 per share, while Capital Hotel lost by 4.89 per cent to close at N3.31 per share.
Total volume traded also went up by 23.81 per cent to 270.86 million shares, valued at N2.77 billion, and traded in 3,940 deals. Transactions in the shares of UBA topped the activity chart with 48.27 million shares valued at N434.31 million. Access Bank followed with 34.54 million shares worth N339.46 million, while FBN Holdings 31.95 million shares valued at N197.49 million. United Capital traded 30.38 million shares worth N91.92 million, while Zenith Bank sold 26.42 million shared valued N581.71 million.