Equities Market Extends Bullish Run, Up N86bn

The domestic stock market yesterday sustained its bullish performance with a gain of N86 billion, following price appreciation in PZ Cussons Nigeria and 21 others.

As a result, the All-Share Index (ASI) gained 133.98 points, representing a gain of 0.19 per cent to close at 70,613.60 points. Also, the market capitalisation rose by N86 billion to close at N38.798 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; PZ Cussons Nigeria, GlaxoSmithKline Consumer Nigeria, FBN Holdings (FBNH), Fidson Healthcare and Fidelity Bank.

Investor sentiment, as measured by market breadth closed positive as 22 stocks advanced, relative to 24 stocks that declined. PZ Cussons Nigeria emerged the highest price gainer of 10 per cent to close at N22.00, per share.  GlaxoSmithKline Consumer Nigeria followed with a gain of 9.93 per cent to close at N14.95, while DAAR Communications advanced by 9.52 per cent to close at 23 kobo, per share.

Japaul Gold & Ventures rose by 9.35 per cent to close at N1.52, while International Breweries appreciated by 8.43 per cent to close at N4.50, per share. On the other side, Northern Nigeria Flour Mills (NNFM) led others on the losers’ chart with 10 per cent to close at N18.00, per share.

The Initiates Plc (TIP) followed with a decline of 9.65 per cent to close at N1.03, while Royal Exchange depreciated by 9.26 per cent to close at 49 kobo, per share.

Omatek Ventures lost 8.77 per cent to close at 52 kobo, while Eterna depreciated by 8.62 per cent to close at N13.25, per share.

The total volume traded increased by 14.90 per cent to 449.283 million units, valued at N5.445 billion, and exchanged in 7,100 deals. Transactions in the shares of FBNH led the activity with 52.024 million shares worth N1.026 billion. Consolidated Hallmark Insurance followed with account of 49.526 million shares valued at N49.463 million, while Fidelity Bank traded 42.020 million shares valued at N381.494 million.

United Bank for Africa (UBA) traded 41.467 million shares worth N847.006 million, while Japaul Gold & Ventures traded 37.080 million shares worth N55.154 million.