Nigerian bourse records first gain of the week, up 1.68%

Consequently, the All-Share Index increased by 575.18 points or 1.68 per cent to close at 34,818.01 compared with 34,242.83 posted on Tuesday.

Thus, month-to-date and year-to-date gains increased to 14.0 per cent and 29.7 per cent, respectively.

Similarly, investors gained N301 billion as the market capitalisation closed higher at N18.193 trillion from N17.892 trillion on Tuesday, an increase of 1.68 per cent.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Lafarge Africa, Dangote Sugar Refinery and Zenith Bank.

Analysts at Afrinvest Limited expected sustained buy interest in the next trading session on strong investors’ sentiment.

Market breadth closed positive with 38 stocks in contrast with eight laggards.

Linkage Assurance and Sterling Bank led the gainers’ chart in percentage terms, gaining 10 per cent each, to close at 55k and N2.09 per share, respectively.

Lafarge Africa followed with a gain 9.55 per cent to close at N24.10 per share.

Honeywell Flour Mill improved by 9.43 per cent to close at N1.16, while Associated Bus Company appreciated by 9.38 per cent to close at 35k per share.

Conversely, Cornerstone Insurance drove the losers’ chart in percentage terms, dropping 8.62 per cent to close at 53k per share.

Regency Alliance Insurance followed with 8.33 per cent to close at 22k per share.

Mutual Benefits Assurance and Union Diagnostic and Clinical Services dipped 7.14 per cent each to close at 26k each, while Unity Bank shed 6.98 per cent to close at 80k per share.

Transcorp topped the activity chart with 160.58 million shares valued at N172.16 million.

Guaranty Trust Bank sold 70.68 million shares worth N2.62 billion, while Zenith Bank traded 57.30 million shares valued at N1.54 billion.

Access Bank accounted for 55.18 million shares worth N491.88 million, while FBN Holdings transacted 37.62 million shares worth N295.92 million.

In all, the total volume of shares traded decreased by 92.92 per cent with an exchange of 661.13 million valued at N8.29 billion in 7,324 deals.

This was in contrast with a turnover of 9.36 billion shares worth N12.02 billion transacted in 8,712 deals on Tuesday. (NAN)