The Nigerian equity market uptrend continued on Tuesday, appreciating 0.27 per cent, driven by gains recorded by Dangote Cement and 19 other stocks.
All-Share Index increased by 67.28 points, representing a growth of 0.27 per cent to close at 25,383.43 against 25,316.15 recorded on Monday and the market capitalisation gained N48 billion, representing 0.36 per cent rise to close at N13.241 trillion.
The 0.36 per cent growth in market capitalisation was due to the listing of UACN Property Development Company (UPDC) Plc N16 billion rights issue of 15.96 billion at N1 per share.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, Guaranty Trust Bank, MTN Nigeria Communications, NASCON Allied and Skyway Aviation Handling Company.
United Capital Plc in its report titled ‘Equities Market: On the path of recovery’, predicted that low yield environment in the fixed income space would spur local interest for equities.
“This month, we expect the low yield environment in the fixed income space to continue to spur local interest for equities, especially in stocks with the prospect of paying interim dividends.
“In all, we advise investors to continue to the position in value and growth stocks, that can deliver profitable returns on their portfolios,” it said.
Market sentiment, as measured by market breadth, was positive, with 20 gainers and 18 losers.
An analysis of the price movement chart indicates that Neimeth International Pharmaceuticals led the gainers’ chart in percentage terms, gaining 9.84 per cent to close at N1.34 per share.
University Press followed with 9.65 per cent to close at N1.25, while Skyway Aviation Handling Company rose by 9.52 per cent to close at N2.07 per share.
Japaul Oil & Maritime Services grew by 9.09 per cent, to close at 24k, while Associated Bus Company appreciated by 8.57 per cent to close at 38k, per share.
Conversely, Prestige Assurance led the losers’ chart in percentage terms, dropping by 10 per cent, to close at 54k, per share.
Omatek Ventures Plc followed with 9.68 per cent to close at 28k, while Champion Breweries declined by 9.09 per cent to close at 90k, per share.
Union Bank of Nigeria lost 8.21 per cent to close at N6.15, while UACN shed 6.67 per cent to close at N8.40, per share.
Also, the total volume of shares transacted rose by 49.18 per cent as investors bought and sold 377.88 million shares valued at N6.06 billion exchanged in 4,585 deals.
This was in contrast with a turnover of 253.31 million shares worth N2.65 billion traded in 4,775 deals on Monday.
Transactions in the shares of Nigerian Breweries topped the activity chart with 50.46 million shares valued at N2.22 billion.
Guaranty Trust Bank followed with 40.45 million shares worth N1.01 billion, while Zenith Bank accounted for 34.89 million shares valued at N599.03 million.
AIICO Insurance sold 29.46 million shares worth N31.13 million, while FBN Holdings transacted 27.69 million shares worth N151.08 million. (NAN)