Market value garners N44bn as bids outweighs offers

Nigeria’s stock market on Wednesday closed upbeat as investors embarked on bargain hunting, leading to price growth of low priced stocks.

Market capitalisation added N44 billion or 0.50 percent to close at N8.765 trillion compared with N8.721 trillion achieved on Tuesday.

The All-Share Index also improved by 124.70 points or 0.50 per cent to close at 25,331.77 against 25,207.07 posted on Tuesday.

The price movement table showed that Transcorp recorded the highest percentage increase to lead the day’s 15 gainers’, having appreciated by 8.54 percent to close at 89 kobo per share.

FBN Holdings followed with a gain of 7.74 percent to close at N3.62 per share, and Diamond Bank added 4.94 percent to close at 85 kobo per share.
PZ Cussons and Portland Paints also increased 4.57 and 3.85 percent respectively to close at N14.64 and N1.89.

The losers table showed that Honeywell Flour Mills topped 13 losers for the day with a 9.26 percent equity price decline to close at 98 kobo. Okomu Oil trailed with a loss of 5.01 percent to close at N49.88 per share.

Livestock shed 4.92 percent to close at 58 kobo per share, United Capital lost 3.45 percent to close N2.80 per share while Continental Re-insurance dropped 2.40 percent to close at N1.22

Law Union and Rock Insurance drove the turnover volume exchanging 90 million shares worth N99 million, followed by Diamond Bank with 57.05 million shares valued at N48.31 million, while Zenith international Bank traded 33.58 million shares worth N487.38 million.

Transcorp exchanged 28.38 million shares valued at N25.27 million and FBN Holdings sold 21.93 million shares worth N79.02 million.

The volume of shares traded closed higher with an exchange of 322.29 million valued at N1.53 billion transacted in 2,907. This was against the 254.96 million shares worth N2.45 billion achieved in 2,854 deals on Tuesday.