Stock market resumes July upbeat as index rises by 0.47%

FOLLOWING price gains recorded by most bluechip stocks, the equities market resumed trading for the month of July upbeat, causing the All- Share Index ( ASI) to gain 0.47 per cent.

In summary, the ASI increased by 115.83 absolute points or 0.47 per cent to close at 24,595.05 points. Similarly, the overall market capitalisation gained N60 billion to close at N12.830 trillion.

The upturn was impacted by gains recorded in large and medium value stocks, including; BUA Cement, Cadbury Nigeria, Lafarge Africa,

Sterling Bank and PZ Cussons Nigeria.

Analysts at Afrinvest Limited predicted that bargain- hunting would lift the benchmark index in subsequent trading sessions.

Also, analysts at APT Securities and Funds Limited, said: “We expect a slowdown in market activities in a short while before positive rally picks up in mid to long term owing to anticipating half year earnings release.”

However, market sentiment, as measured by market breadth, was negative, as 12 tickers gained, relative to 22 losers. Cadbury Nigeria recorded the highest price gain of 9.63 per cent to close at N7.40, while Sterling Bank followed with 9.60 per cent to close at N1.37, per share.

Chams Plc and Japaul Oil & Maritime Services edged up 9.52 per cent each to close at 23 kobo each, while BUA Cement rose 8.53 per cent to close at N42.00, per share.

On the other hand, Neimeth I n t e r n a t i o n a l Pharmaceuticals led the losers’ chart by 9.70 per cent to close at N1.49, per share. Learn Africa followed with 7.69 per cent to close at N1.08 per share. Wapic Insurance fell 5.71 per cent to close at 33 kobo per share. Wema Bank lost 3.70 per cent to close at 52 kobo, and Jaiz Bank shed 3.51 per cent to close at 55 kobo, per share.

The total volume of trade fell 69.17 per cent to 198.012 million units valued at N1.036 billion, exchanged in 3,772 deals. Transactions in the shares of Wapic Insurance topped the activity chart with 30.278 million shares at N11.196 billion. UPDC Real Estate Investment Trust followed with 22.788 million shares worth N79.677 million, and United Bank for Africa ( UBA) traded 20.202 million shares at N123.512 million.

Transnational Corporation of Nigeria ( Transcorp) traded 19.380 million shares valued at N12.758 million, while Chams transacted 11.654 million shares worth N2.589 million.