Stock Market Sustains Uptrend, Records N21.61bn Turnover

LAGOS, (Sundiata Finance) — A turnover of 2.40 billion shares worth N21.61 billion was recorded in 3,715 deals by investors on the floor of exchange, on Tuesday. The total volume traded appreciated by 643.03 per cent as against a total of 322.8 million shares valued at N2.73 billion in 3,113 deals in the previous trading day.

Transactions in the shares of UBA topped the activity chart with 2.09 billion shares valued at N19.76 billion. Continental Reinsurance followed with 174.42 million shares worth N219.77 million, while FBN Holdings traded 35.51 million shares valued at N208.48 million. Oando traded 13.6 million shares valued at N89.96 million, while Skye Bank sold 9.31 million shares worth N5.59 million.

The high volume in UBA is as a result of the bank crossing 2.08 billion units of its ordinary shares from the staff share investment trust scheme (SSIT) to the bank.

According to the bank, this transfer of shares from SSIT to the bank is part of the process of executing special resolution of the shareholders at the Annual General Meeting to cancel the shares held under SSIT.

Also, the equity market, extended bullish-run to nine trading sessions. In summary, the All Share Index (ASI) gained 135.18 absolute points, representing a gain of 0.41 per cent to close at 33,436.61 points. Similarly, the market capitalisation gained N47 billion, to close at N11.524 trillion.

The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Honeywell Flour, Union Bank, Julius Berger, Unilever, Beta Glass, Nigerian Breweries, Dangote Cement, Nestle, PZ Industries and ETI.

Analysts at Afrinvest said, “We expect the rebound in market breadth, which suggests an upturn in investor sentiment towards equities, to persist in the near term as market performance remains largely driven by expectations of positive half year earnings reports.”

Market breadth closed positive recording 24 gainers against 19 losers. Honeywell Flour led the gainers table by 8.29 per cent to close at N1.96 per share. Union Bank followed with a gain of five per cent to close at N5.67, while Julius Berger appreciated by 4.99 per cent to close at N34.30 kobo per share. On the other hand, May and Baker led the laggards’ table by 5.02 per cent to close at N2.65 per share. Mansard Insurance trailed with a loss of 4.93 per cent to close at N2.12, while Custodian and Allied Insurance went down by 4.76 per cent to close at N3.40 per share.


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