Equities market rebounds as ASI gains 0.17%

The equities market of the Nigerian Stock Exchange (NSE) on Thursday recorded the first gain of the week as the All-Share Index (ASI) rose by 0.17 per cent due to buying interest in BUA Cement Plc and 18 other stocks.

The All Share Index rose by 45.83 basis points or 0.17 per cent to 27,568.91 basis points. Accordingly, investors gained N24 billion in value as market capitalisation went up to N14.362 trillion.

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The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, CI Leasing, United Capital, Africa prudential and Ikeja Hotel.

Analysts at Afrinvest Limited stated that “There remain opportunities for bargain hunting however, we expect the equities market to close the week in the red.”

Market breadth closed positive as 19 stocks recorded gains relative to 10 losers. Aiico Insurance and Ikeja Hotel recorded the highest price gain of 10 per cent each, to close at 99 kobo and N1.21, respectively, while United Capital  followed with a gain 9.94 per cent to close at N3.54, per share.

Wapic Insurance went up by 9.68 per cent to close at 34 kobo, while Associated Bus Company appreciated by 9.38 per cent to close at 35 kobo,  per share. On the other hand, Law Union and Rock Insurance and SFS Real Estate investment Trust (SFSREIT) led the losers’ chart by 10 per cent each, to close at 81 kobo and N76.95, respectively, while Champion Breweries followed with a decline of 9.28 per cent to close at 88 kobo,  per share.

Jaiz Bank declined by 7.35 per cent to close at 63 kobo, while Oando shed 6.59 per cent to close at N3.26, per share.

Total volume traded increased by 37.2 per cent to 484.99 million shares, worth N3.59 billion, and traded in 4,187 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 200 million shares valued at N40 million. Guaranty Trust Bank followed with 56.299 million shares worth N1.57 billion, while  Zenith Bank traded 36.71 million shares valued at N713.88 million.

United Bank for Africa (UBA) traded 32.36 million shares valued at N247.45 million, while FBN Holdings transacted 31.19 million shares worth N179.37 million.