Following gains recorded by most blue-chip stocks, especially Eterna Plc and International Breweries, trading on the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, causing market capitalisation to increase by N3 billion.
At the close of transactions yesterday, the All Share Index (ASI) rose by 6.55 absolute points, representing a growth of 0.02 per cent to close at 28,344.04 points. Similarly, the market capitalisation gained N3 billion to close at N14.815 trillion.
The uptrend was impacted by gains recorded in large and medium value stocks, amongst which were; Stanbic IBTC Holdings, Nigerian Breweries, International Breweries, Eterna Plc, and Cadbury Nigeria.
Capital market analysts noted that the market recorded its first gain of the week and ended the downward trend of four consecutive trading days on renewed bargain-hunting.
Analysts at Afrinvest Limited predicted that bargain-hunting would continue to drive gains in the next trading session.
Market breadth closed positive, with 18 gainers versus 15 losers. Eterna recorded the highest price gain of 9.77 per cent to close at N4.38, while International Breweries followed with a 9.56 per cent gain to close at N4.70, per share.
Regency Alliance Insurance Company rose 9.09 per cent to close at 24 kobo, and Chams and Courteville Business Solutions both appreciated by five per cent to close at 21 kobo each, per share.
On the other hand, eTranzact International Plc led the losers’ chart by 9.79 per cent to close at N2.12 per share.
Royal Exchange followed with 7.41 per cent to close at 25 kobo, while Portland Paints and Products Nigeria lost 6.98 per cent to close at N2.00, per share.
Custodian Investment lost 4.76 per cent to close at N5.00, and Africa Prudential shed 3.75 per cent to close at N5.39, per share.
The total volume traded rose by 45.14 per cent to 535.832 million shares worth N5.019 billion, traded in 4,498 deals.
Transactions in the shares of Regency Alliance Insurance Company topped the activity chart with 245.790 million shares valued at N49.205 million.
Guaranty Trust Bank followed with 100.312 million shares worth N3.005 billion, while United Bank for Africa (UBA) traded 32.953 million shares valued at N220.006 million.
FBN Holdings (FBNH) traded 15.425 million shares at N94.984 million, while Transnational Corporation of Nigeria (Transcorp) transacted 15.356 million shares worth N9.876 million.