Bargain Hunters Assist Equities With N38bn Gain

By Dipo Olowookere

Activities of bargain hunters lifted the nation’s equity market on Tuesday by 0.30 percent as investors used the opportunity of stocks trading at low prices to increase their holdings.

The stock market closed in the positive for the first time in four trading sessions yesterday as a result of buying pressure on some blue-chip stocks.

At the close of transactions, the gains boasted the All-Share Index (ASI) by 72.03 points to 24,098.08 points from 24,026.05 points. It equally inflated the market capitalisation by N38 billion to N12.571 trillion from N12.533 trillion.

Data from the Nigerian Stock Exchange (NSE) showed that GTBank was the most traded equity at the market yesterday, transacting 19.7 million units worth N413.8 million.

Access Bank exchanged 13.0 million shares for N81.1 million, MTN Nigeria traded 10.2 million stocks valued at N1.2 billion, UBA transacted 10.2 million equities for N62.0 million, while Japaul Oil exchanged 9.6 million shares worth N2.1 million.

In total, 155.5 million stocks valued at N2.6 billion were traded by investors on the exchange on Tuesday in 4,060 deals.

At the previous session, market participants transacted 189.7 million stocks worth N2.8 billion in 4,216 deals, indicating 18.01 percent, 6.61 percent and 3.70 percent decline in the trading volume, value and number of deals respectively.

Airtel Africa was the highest price gainer of the trading day, appreciating by N11.60 to close its share value at N328.70 per share.

BUA Cement gained N1 to finish at N40.90 per share, Zenith Bank chalked up 30 kobo to settle at N16.35 per unit, Red Star Express garnered 29 kobo to close at N3.26 per unit, while share price of PZ Cussons improved by 20 kobo to quote at N4.20 per unit.

At the losers’ end, Okomu Oil claimed the top spot after shedding N7.70 to close at N69.70 per unit, while Unilever Nigeria was next in line with a N1.35 loss to finish at N12.45 per share.

MRS Oil also depreciated by N1.35 to settle at N12.45 per share, MTN Nigeria depleted by N1 to quote at N115 per unit, while Dangote Cement further lost N1 to trade at N126 per share.