Ahead of the independence celebration, the equities market sustained the bullish run yesterday, as more blue-chip stocks joined the league of gainers, causing investors wealth to soar further by N328 billion.
Yesterday, the All-Share Index (ASI) increased by 628.88 absolute points, representing a growth of 1.59 per cent to close at 40,221.17 points. Similarly, the market capitalisation gained N328 billion to close at N20.956 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Presco, Okomu Oil, Nigerian Breweries and May and Baker Nigeria.
Analysts at Vetiva Dealing and Brokerage said: “Market activity during the quarter was lifted by block transactions significantly in FBNH and Honeywell Flourmills, while the broader market traded quietly. Going into the new month, we expect the market to continue to trade in a similar pattern amid local investors dominating the scene.”
A block trade is the sale or purchase of a large number of securities at an arranged price between two parties.
Furthermore, the market breadth closed positive, recording 20 gainers and 14 losers. University Press recorded the highest price gain of 9.82 per cent to close at N913.20 kobo. Pharma Deko followed with a gain of 9.81 per cent to close at N2.35 kobo. May and Baker Nigeria appreciated by 9.17 per cent to close at N4.88 kobo.
Sovereign Trust Insurance went up by 9.09 per cent to close at 24 kobo, while Consolidated Hallmark Insurance appreciated by 7.55 per cent to close at 57 kobo.
On the other hand, Chams led the losers’ chart by 8.70 per cent to close at 21 kobo, per share. AXA Mansard Insurance followed with a decline of 4.12 per cent to close at N2.33 kobo while Jaiz Bank shed 3.23 per cent to close at 60 kobo.
Livestock Feeds shed 2.69 per cent to close at N2.17 kobo while Japaul Gold and Ventures and Unilever Nigeria depreciated by 2.22 per cent each, to close at 44 kobo and N13.20 kobo.
The total volume traded increased by 120.89 per cent to 1.047 billion shares, worth N7.421 billion, and traded in 3,752 deals.
Transactions in the shares of Transcorp Hotels topped the activity chart with 763.899 million shares valued at N2.872 billion. FBN Holdings (FBN) followed with 53.764 million shares worth N430.464 million, while Transnational Corporation of Nigeria (Transcorp) traded 23.311 million shares valued at N22.195 million.
Guaranty Trust Holding Company traded 19.418 million shares valued at N544.349 million, while Wapic Insurance transacted 18.271 million shares worth N8.772 million.