Buying interest in some bellwethers reversed the downward trend on the equity sector of the Nigerian Stock Exchange (NSE), as the market capitalisation appreciated marginally by N8 billion to close at N11.244 trillion.
Yesterday, the All -share index (ASI) gained 21.13 absolute points, representing a growth of 0.07 per cent to close at 29,919.44 points.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Seplat Petroleum Development Company, Forte Oil, Dangote Flour Mills, Nigerian Breweries, and Stanbic IBTC Holdings.
Analysts at Afrinvest Limited, said: “Following yesterday’s positive performance, we do not rule out the possibility of profit-taking in today’s trading session amidst corporate earnings releases.”
Analysts at APT Securities and Funds Limited, thereby encouraged investors to position for mid to long term on fundamentally justifiable stocks that have shed weight over time.
Market breadth closed positive, with 19 gainers versus 17 losers. Cutix recorded the highest price gain of 10 per cent to close at N1.87 per share. Forte Oil followed with 9.88 per cent to close at N26.70, while Dangote Flour Mills rose 9.69 per cent to close at N14.15, per share.
NPF Microfinance Bank appreciated 9.35 per cent to close at N1.52, while Japaul Oil & Maritime Services rose 8.33 per cent to close at 26 kobo, per share.
On the other hand, Guinness Nigeria, and Julius Berger led the losers’ chart by 10 per cent each, to close at N48.60 and N22.50 respectively, while UAC of Nigeria followed with 9.35 per cent to close at N6.30, per share.
Jaiz Bank fell 8.33 per cent, to close at 44 kobo, and Sovereign Trust Insurance shed eight per cent to close at 23 kobo, per share.
The total volume traded appreciated by 85.82 per cent to 566.5 million shares worth N7.27 billion, traded in 4,103 deals.
Transactions in the shares of Julius Berger topped the activity chart with 218.04 million shares valued at N4.32 billion. Julius Berger followed with 94.42 million shares worth N21.85 million, while Transnational Corporation of Nigeria (Transcorp) traded 30.96 million shares valued at N33.97 million.
Unilever Nigeria traded 29.99 million shares valued at N929.5 million, while FBN Holdings sold 20.20 million shares worth N157.88 million.