Stocks Market Maintains Positive Outlook, Gains 0.58%

ABUJA, (Sundiata Finance) – The Nigerian stocks market, yesterday maintained a positive note as the broader index gained 0.58 per cent on sustained interest in market capitalised stocks.

In summary, the All Share Index (ASI) gained 151.61 absolute points, representing a gain of 0.58 per cent to close at 26,116.79 points. Similarly, the market capitalisation appreciated by N52 billion, to close at N9.027 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Unilever, Forte Oil, Guinness, UACN and Ashaka Cement.

Analysts at Afrinvest Limited said, “The positive performance yesterday was majorly driven by the lingering bullish sentiment in the market following solid first quarter, 2017 earnings result published.”

Market breadth was positive, with 27 gainers versus 13 losers. Fidson recorded the highest price gain of 10 per cent, to close at N1.32 per share. Oando followed with a gain of 7.92 per cent to close at N6.54, while UBA appreciated by 6.29 per cent to close at N6.28 per share.

Unilever rose by 5.31 per cent to close at N33.50, while Ashaka Cement appreciated by 4.98 per cent to close at N10.96 per share. On the other hand, Unity Bank led the losers’ chart by 6.90 per cent, to close at 54 kobo per share. Seven Up followed with a decline of five per cent to close at N90.25, while National Salts depreciated by 4.96 per cent, to close at N8.05 per share.

Total went down by 3.77 per cent to close at N255, while Continental Reinsurance declined by 3.60 per cent to close at N1.07 per share. Total volume traded appreciated by 36.46 per cent to 264.49 million shares, worth N2.9 billion, and traded in 3,958 deals.

Transactions in the shares of Zenith Bank topped the activity chart 41.88 million shares worth N652.13 million. Guaranty Trust Bank followed with account of 37.75 million shares valued at N1.01 billion, while UBA traded 34.03 million shares cost N205.21 million. Transcorp traded 18.26 million shares valued at N16.60 million, while FBN Holdings sold 16.4 million shares worth N56.98 million.

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