The Nigerian equities market yesterday, recovered from prior losses as gains in BUA Cement Plc and 10 others lifted the market capitalisation by N165 billion.
The All-Share Index (ASI) gained 301.71 points, representing a gain of 0.30 per cent to close at 101, 362. 38 points. Also, market capitalisation rose by N165 billion to `close at N55.464 trillion.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage, said: “Barring any major upside in the large-cap counters, we expect the market to revert to its bearish close.”
Yesterday’s upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, FBN Holdings (FBNH), Eterna, UPDC Real Estate Investment Trust and Juli.
As measured by market breadth, market sentiment remains weak, as 11 stocks gained relative to 43 losers.FBNH emerged the highest price gainer of 9.96 per cent to close at N28.70 kobo while Juli followed with a gain of 9.60 per cent to close at N1.94 kobo.
Mutual Benefits Assurance advanced by 9.38 per cent to close at 70 kobo. Regency Alliance Insurance increased by 7.32 per cent to close at 44 kobo. BUA Cement also added 4.93 per cent to close at N150.
On the other side, Okomu Oil led others on the losers’ chart with 10 per cent to close at N243, Morison Industries followed with a decline of 9.69 per cent to close at N2.05 kobo while Sterling Financial Holdings Company shed 9.58 per cent to close at N4.34 kobo.
Japaul Gold and Ventures lost 9.34 per cent to close at N2.33, while Caverton Offshore Support Group depreciated by 9.19 per cent to close at N1.68, per share.
The total volume of trades increased by 18.19 per cent to 302.740 million units, valued at N6.552 billion, and exchanged in 8,611 deals. Transactions in the shares of FBNH led the activity with 39.378 million shares worth N1.103 billion.
Japaul Gold & Ventures followed with account of 30.196 million shares valued at N71.041 million, while Transnational Corporation (Transcorp) traded 27.362 million shares valued at N353.098 million.
Veritas Kapital Assurance traded 23.373 million shares worth N16.808 million, while Guaranty Trust Holding Company (GTCO) traded 17.176 million shares worth N667.211 million.
