Sustained bargain hunting in cement firms, others lift indices by N710b

Following sustained bargain hunting in many blue-chip stocks, especially Dangote cement and BUA cement, trading on the Nigerian Exchange Limited (NGX) closed in an upbeat yesterday, causing market capitalisation to increase further by N710 billion.

The All Share Index (ASI) rose by 1,303.04 absolute points, representing a gain of 2.82 per cent to close at 46,232.37 points. Accordingly, investors gained N710 billion in value as market capitalisation went up to N25.182 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, BUA Cement, Guinness Nigeria, Vitafoam of Nigeria and United Capital.

Analysts at Vetiva Dealing and Brokerage firm said: “Despite the MPC decision, investors have continued to buy up stocks in the equity market for a third consecutive day this week.

“Although, we anticipate some profit-taking activities in the coming session, we expect the positive sentiment in the market to hold firm once again in tomorrow’s session.”

As measured by market breadth, market sentiment was positive, as 28 stocks gained relative to 11 losers. Secure Electronic Technology recorded the highest price gain of 10 per cent to close at 22 kobo, per share.

Dangote Cement followed with a gain of 9.98 per cent to close at N262.30, while BUA Cement went up by 9.72 per cent to close at N79.00, per share.

Cornerstone Insurance went up by 9.09 per cent to close at 48 kobo, while Prestige Assurance added 8.11 per cent to close at 40 kobo, while Mansard appreciated by 7.74 per cent to close at N1.81 kobo. Japaul Gold gained 7.69 per cent to close at 28 kobo.

RT Briscoe appreciated by 7.41 per cent to close at 29 kobo. Vitafoam added 6.70 per cent to close at N21.50 kobo. TransNational Corporation gained 6.09 per cent to close at N1 22 kobo. United Capital added 5.69 per cent to close at N13.00.

On the other hand, SCOA Nigeria led the losers’ chart by 9.30 per cent to close at N1.17, per share. Royal Exchange followed with a decline of 8.97 per cent to close at 71 kobo, while Eterna went down by 4.76 to close at N5.40, per share.

Cutix lost 4.72 per cent to close at N2.02, while Chams lost 4.35 per cent to close at 22 kobo. PZ Cussons shed 3.06 per cent to close at N9.50 kobo. Redstar Express shed 2.95 per cent to close at N2.30 kobo. Lasaco depreciated by 2.33 per cent to close at 84 kobo. UPDC declined by 2.17 per cent to close at 90 kobo. Unity Bank also lost 1.92 per cent to close at 51 kobo.

The total volume of trades increased by 48.47 per cent to 187.907 million units, valued at N1.842 billion, and exchanged in 3,458 deals. Transactions in the shares of LivingTrust Mortgage Bank topped the activity chart with 30.110 million shares valued at N43.058 million.

Transnational Corporation of Nigeria (Transcorp) followed with 26.530 million shares worth N31.461 million, while Access Holdings traded 16.392 million shares valued at N139.575 million.

Ecobank Transnational Incorporated (ETI) traded 12.116 million shares valued at N121.173 million, while Guaranty Trust Holding Company (GTCO) transacted 11.549 million shares worth N233.580 million.