Stocks gain 0.14 per cent as investors renew buying interest

RENEWED

appetite in some highly capitalised stocks lifted transactions on the equities sector of the Nigerian Stock Exchange ( NSE) yesterday, causing the All- Share Index ( ASI) to appreciate by 0.41 per cent. At the close of trading, the ASI grew by 158.97 absolute points, representing an increase of 0.41 per cent to close at 38,720.81, while the market capitalisation appreciated by N83 billion to close at N20.259 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks such as Dangote Cement, Guinness Nigeria, MTN Nigeria Communications, Vita Foam Nigeria and Glaxosmithkline Consumer Nigeria. Reacting on market performance, analysts at Afrinvest Limited, said: “We anticipate that gains would not be sustained in subsequent trading sessions as sentiment towards the market remains weak.”

On the price movement chart, 20 stocks depreciated, while 11 others constituted the gainers’ chart.

Guinness Nigeria and Regency Alliance Insurance recorded the highest price gain with 10 per cent, to close at N25.30 and 33 kobo, while Jaiz Bank followed with a gain of 9.68 per cent to close at 68 kobo.

Vitafoam Nigeria added 5.44 per cent to close at N7.75 kobo.

Livestock Feeds appreciated by 3.83 per cent to close at N1.90 kobo.

On the other hand, Wapic Insurance led the losers’ chart by 9.09 per cent to close at 50 kobo. Africa Prudential followed with a decline of 8.26 per cent to close at N5.00 kobo, while Fidelity Bank declined by 6.69 per cent to close at N2.23 kobo.

Ecobank Transnational Incorporated ( ETI) lost 5.83 per cent to close at N4.85, while Guaranty Trust Bank shed 4.84 per cent to close at N28.50, per share.

On the activity chart, the total volume traded rose by 19.7 per cent to 220.857 million shares, worth N4.206 billion, and traded in 4,192 deals.