Following bargain hunting in some high cap stocks, especially Transcorp, and Japaul Oil, trading on the floor of the Nigerian Stock Exchange (NSE), helped reverse three sessions of negative performance, as market capitalisation appreciated marginally by N4 billion.
Yesterday, the NSE All-Share Index (ASI) gained 11.99 absolute points, representing a growth of 0.04 per cent to close at 29,171.73 points.
Similarly, the market capitalisation gained the value of N4 billion to close at N10.963 trillion.
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Guinness Nigeria, Nigeria Breweries, Cement Company of Northern Nigeria, and Flour Mills Nigeria.
Analysts at Imperial Assets Management, said: “We expect the market to continue sideways movement the rest of the week considering the mixed first quarter, 2019 earnings released so far.”
Afrinvest Securities Limited, however said: “despite the slight uptick in today’s performance, we expect profit taking in subsequent trading sessions.”
However, the market breadth closed positive, with 21 gainers versus 26 losers. Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 9.91 per cent to close at N1.22 per share.
Japaul Oil & Maritime Services followed with 9.09 per cent to close at 36 kobo, while FCMB Group appreciated 5.95 per cent to close at N1.96, per share.
Mobil Nigeria rose 5.08 per cent to close at N186, and Mutual Benefits Assurance 4.76 per cent to close at 22 kobo, per share.
On the other hand, Afromedia led the losers’ chart with 10 per cent, to close at 45 kobo per share. Academy Press followed with 9.09 per cent to close at 30 kobo, while Law Union and Rock Insurance shed eight per cent to close at 46 kobo, per share.
Royal Exchange lost 7.69 per cent to close at 24 kobo, and Presco 7.59 per cent to close at N58, per share.
The total volume traded depreciated by 48.59 per cent to 279.62 million shares worth N2.82 billion, traded in 4,836 deals.
Transactions in the shares of Transcorp topped the activity chart with 34.91 million shares valued at N42.51 million.
Dangote Flour Mills followed with 23.64 million shares worth N450.08 million, while Chams traded 20.73 million shares at N10.71 million.
Access Bank traded 19.67 million shares valued at N135.58 million, while Japaul Oil sold 17.07 million shares worth N6.11 million.