The Nigeria equities market closed on an upward note yesterday, as more blue-chip stocks recorded price appreciation, causing market capitalisation to increase by N1 billion.
The All-Share Index (ASI), closed at 28,344.33 points from 28,344.04 points on the previous day. Similarly, the market capitalisation increased marginally by N1 billion from N14.814 trillion to N14.815 trillion.
Wednesday’s performance was impacted by gains recorded in large and medium capital stocks, including Guinness Nigeria, Guaranty Trust Bank, Eterna Oil, Lafarge Africa, and Africa Prudential.
Analysts at Afrinvest Limited said: “We expect bargain hunting to drive gains in the next trading session.”
The market breadth closed positive as 14 stocks posted gains while 11 stocks declined. Eterna Oil recorded the highest price gain of 9.82 per cent to close at N4.81, and Academy Press followed with 7.41 per cent to close at 29 kobo, per share.
Africa Prudential rose 5.75 per cent to close at N5.70, while Cornerstone Insurance and PZ Cussons Nigeria appreciated by five per cent each to close at 63 kobo and N4.20, respectively, per share.
On the other hand, eTranzact International led the losers’ chart by 9.91 per cent to close at N1.91, per share. Wema Bank followed with a decline of 5.17 per cent to close at 55 kobo, while Courteville Business Solutions shed 4.76 per cent to close at 20 kobo, per share.
FCMB Groups lost 3.83 per cent to close at N2.26, and Ardova Plc slipped 3.61 per cent to close at N12.00, per share.
However, the total volume traded decreased by 59.24 per cent to 218.425 million shares worth N3.139 billion, traded in 3,896 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 53.046 million shares valued at N1.061 billion. United Bank for Africa (UBA) followed with 33.461 million shares worth N223.402 million.
Guaranty Trust Bank traded 25.116 million shares valued at N753.177 million. FBN Holdings (FBNH) traded 13.679 million shares at N84.529 million, and Wema Bank transacted 9.105 million shares worth N4.961 million.