Bulls tighten grip on local stock market as investors gain N36bn

Bulls tighten its grip on the Nigerian equities market as the bourse further advances by 0.18 per cent on Thursday.

The All Share Index (ASI) closed at 38,551.06 basis points as the positive outing brought the year-to-date performance of the ASI to stand at -4.27 per cent.

This positive outing further pushed the equities market capitalisation higher as it increases further by N36 billion to stand at N20.094 trillion, a 0.18 per cent increase in investors’ net worth

Consequently, market breadth also swayed in favour of the bulls, as 19 counters in the gainers’ chart were recorded against 15 counters in the losers’ chart.

Stocks of University Press Limited went up for the third consecutive session, topping the gainers’ chart in the last two sessions, as investors position for the release of audited full-year accounts, with possibly attractive dividend payment.

The top five gainers’ chart was completed by Berger Paints, John Holt, ABC Transport and African Prudential.
From the rear of the chart, CWG sheds further weight to lead the laggards’ chart for the second consecutive session, flanked by Union Bank of Nigeria, Sovereign Insurance, Courtville and Japaul Gold to complete the top losers’ chart.

Most sectoral indices closed in tandem with the ASI save for the Banking sector that lost 0.50 per cent on the back of negative outing recorded by the likes of Union Bank of Nigeria, FBN Holdings and United Bank for Africa.

Market activity was impressive as the volume of trades surged in the session with daily traded volume standing at 250 million units, a 59.13 per cent increase from a volume of 157 million units traded in the previous session.

Market turnover followed suit to increase by 41.16 per cent in the session to stand at N1.876 billion as against a value of N1.329 billion recorded in the previous trading session.

Sovereign Insurance was the most traded stock in terms of units of traded stocks, as it is flanked in the session by Zenith Bank, FCMB, Mansard Insurance and Fidelity Bank.

With regards to the value of traded stocks, Zenith Bank, Stanbic IBTC, WAPCO, MTN Nigeria and Dangote Cement made up the top five performers.

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Bulls tighten grip on local stock market as investors gain N36bn