Investors’ renewed appetite in highcap stocks pushes index by 0.02%

INVESTORS renewed appetite in the shares of highly- capitalised ( highcap) companies halted four days' bearish run, causing the All- Share Index ( ASI) to appreciate by 0.02 per cent. Yesterday, the ASI grew by 7.42 absolute points, representing an increase of 0.02 per cent to close at 38,774.03 points. Also, the overall market capitalisation value gained N4 billion to close at N20.287 trillion.

The gain was propelled by price appreciation in large and medium capitalised stocks such as Nestle Nigeria, Flour Mills of Nigeria, MTNN, Stanbic IBTC Holdings and Africa Prudential.

Analysts at Afrinvest Limited said: “In subsequent trading sessions, we anticipate that the equities market will sustain a positive momentum.”

However, the market breadth closed negative as 27 stocks lost relative to 14 gainers.

Jaiz Bank recorded the highest price gain of 10 per cent to close at 66 kobo. The Initiates followed with a gain 9.52 per cent to close at 46 kobo and Royal Exchange rose by 8.33 per cent to close at 39 kobo. Japaul Gold and Ventures appreciated by 8.16 per cent to close at 53 kobo while Consolidated Hallmark Insurance gained 6.9 per cent to close at 31 kobo. On the other hand, Sterling Bank led the losers’ chart by 9.47 per cent to close at N1.53 kobo. Pharma Deko followed with a decline of 9.46 per cent to close at N1.34, while Prestige Assurance shed 8.7 per cent to close at 42 kobo.

Ardova shed 6.91 per cent to close at N14.15, while Livestock Feeds depreciated by 5.88 per cent to close at N1.76 kobo.

The total volume of trades increased by 58.7 per cent to 356.461 million units, valued at N4.193 billion, and exchanged in 6,130 deals. Transactions in the shares of Zenith Bank topped the activity chart with 55.031 million shares valued at N1.156 billion. Access Bank followed with 38.385 million shares worth N308.553 million, while T ransnational Corporation of Nigeria ( Transcorp) traded 31.86 million shares valued at N24.899 million.

Guaranty Trust Bank traded 29.208 million shares valued at N819.08 million, while Mutual Benefit Assurance transacted 25.449 million shares worth N10.021 million.