Following price gains recorded by major highly capitalized stocks, especially Dangote cement and Oando, transactions on the stock market closed in an upbeat yesterday, as market capitalisation increased by N36 billion.
Specifically, at the close of trading yesterday, the All Share Index (ASI) gained 101.83 absolute points, representing a growth of 0.25 per cent to close at 40,874.09 points from 40, 772.26 recorded on Wednesday. Similarly, the market capitalisation gained N36 billion, from N14. 727 trillion to N14.764 trillion.
The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Dangote Cement, Oando, Eterna, Fidson Healthcare and Wapco.Analysts at Afrinvest Limited said, "Following the kickoff of first quarter, 2018 earnings season, we expect market performance in the near term to be predicated on investors' assessment of earnings results. As a result, we maintain our expectation that bargain hunting will continue to buoy market performance."
However, market breadth closed negative, with 18 gainers versus 24 losers. Oando recorded the highest price gain of 6.08 per cent, to close at N9.60 per share. Courtville Business Solution gained five per cent to close at 21 kobo, while Eterna appreciated by 4.82 per cent to close at N6.52 per share.
Fidson Healthcare appreciated by 4.68 per cent to close at N6.04, while Wema Bank went up by 4.65 per cent to close at 98 kobo per share.However, First Aluminium led the losers' chart by 7.55 per cent, to close at 49 kobo per share. Mobil Nigeria shed 4.74 per cent to close at N181, while FCMB Groups depreciated by four per cent to close at N2.40 per share.
Transcorp declined by 3.55 per cent to close at N1.63, while May and Baker Nigeria down by 3.45 per cent to close at N2.80 per share.The total volume traded appreciated by 221.7 per cent to 740.52 million shares, worth N8.91 billion, and traded in 5,554 deals. Transactions in the shares of FCMB Groups topped the activity chart with 204.1 million shares valued at N491.98 million.
Oando followed with 185.49 million shares worth N1.8 billion, while Zenith Bank traded 70.72 million shares valued at N1.91 billion.Guaranty Trust Bank traded 69.96 million shares valued at N3.1 billion, while Access Bank transacted 41.1 million shares worth N463.92 million.