Stock market ends November bullish as index rises by 0.45%

Exchange migrates four companies to growth board

FOLLOWING gains record‐ ed by most blue‐ chip stocks, the equity market ended trading for the month of November, bullish, as the All‐ Share Index ( ASI) appre‐ ciated by N82 billion.

The ASI gained 156.63 absolute points, or 0.45 per cent to close at 35,042.14 points. Similarly, the market capitalisation also appreciat‐ ed by N82 billion to close at N18.310 trillion.

Yesterday’s uptrend was driven by price appreciation in medium and large capital stocks, including Airtel Africa, MTN Nigeria Communications ( MTNN), Aiico Insurance, and FCMB Group.

Analysts at United Capital Plc predicted mixed perform‐ ance with a bearish bias in the equity market, as investors book profits and hunt for bargains.

However, sentiment, as measured by market breadth, was negative, as 17 stocks gained, relative to 29 losers.

Aiico Insurance, and Airtel

Africa recorded the highest price gain of 10 per cent each to close at N1.10 and N588.50, respectively, and Tripple Gee & Company fol‐ lowed with 9.09 per cent to close at 60 kobo, per share.

Japaul Oil & Maritime Services rose 8.33 per cent to close at 26 kobo, while Union Diagnostic & Clinical Services and Unity Bank advanced eight per cent each, to close at 27 kobo and 81 kobo per share, respectively.

On the other hand, Cutix, and Northern Nigeria Flour Mills ( NNFM) led the losers’ chart by 10 per cent each, to close at N1.53 and N6.93, respec‐ tively, while Fidson Healthcare followed with 9.87 per cent to close at N4.93, per share.

Neimeth International Pharmaceuticals lost 9.63 per cent to close at N2.44, and Learn Africa shed 9.57 per cent to close at N1.04 per share.

Total volume traded advanced by 118.38 per cent to 415.531 million shares worth N4.898 billion, and traded in 5,267 deals.