All-Share Index Rises Further on Sustained Bargain Hunting

All-Share Index Rises Further on Sustained Bargain Hunting

All-Share Index Rises Further on Sustained Bargain Hunting

Sustained bargain hunting in bellwethers lifted the Nigerian Stock Exchange (NSE) All-Share Index by 0.16 per cent to close at 30,821.80 yesterday.

In a similar vein, market capitalisation added N18 billion to close at N11.49 trillion. With the yesterday’s positive performance, the market has thus recorded three days of gains since Monday.

According to analysts at FSDH Research, the appreciation recorded in the share prices of Nestlé Nigeria Plc, Flour Mills of Nigeria Plc, Transcorp, GTBank Plc and Dangote Sugar Refinery Plc were mainly responsible for the gain recorded in the index yesterday.

However, Learn Africa Plc led the price gainers with 9.4 per cent, trailed by Regency Alliance Insurance Plc with 9.0 per cent. Mcnichols Plc garnered 7.6 per cent, just as Berger Paints Nigeria Plc, Cornerstone Insurance Plc and Sovereign Trust Insurance Plc chalked up 5.0 per cent apiece. Dangote Flour Mills Plc and Nestle Nigeria Plc went up by 4.9 per cent and 2.8 per cent in that order.

Conversely, Custodian Investment Plc led the price losers with 8.8 per cent, followed by Guinea Insurance Plc with 8.7 per cent. Consolidated Hallmark Insurance Plc shed 6.4 per cent. The insurance firm got its additional 1.130 billion shares listed on the NSE on Tuesday. The arose from additional shares listed on the exchange arose from CHI Plc’s placing of 1,130 billion ordinary shares of 50 kobo each at 65 kobo per share. With this listing of the additional 1,130 billion ordinary shares, the total issued and fully paid up shares of CHI Plc has now increased from 7.0 billion to 8.130 billion ordinary shares of 50 kobo each. CHI Plc realized N734 million from the private placing.

Meanwhile, activity level also improved as volume and value traded rose 88.3 per cent and 65.0 per cent to 358.3 million shares and N4.8 billion respectively. The top traded stocks by volume were FBN Holdings (88.6 million shares), Zenith Bank (55.7 million shares) and Japaul (36.2 million shares) while Zenith Bank (N1.3 billion), GTBank (N724.5 million) and FBN Holding (N660 million) were the top traded by value.

In terms of sector performance three of five sectors tracked advanced. The NSE Consumer Goods Index led gainers with 1.2 per cent, trailed by the NSE Banking Index with 0.6 per cent appreciation. The NSE Insurance Index rose 0.5 per cent. Conversely,

the NSE Industrial Goods Index shed 0.6 per cent, while the NSE Oil & Gas Index depreciated by 0.1 per cent.

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