Positive prevailed at the Nigerian equity market on Thursday after three consecutive declines, spurred by gains recorded by medium and large stocks.
The All Share Index was up 0.47 per cent, having opened at 29,609.90 and added 140.35 points to close at 29,749.35 as all the indices inched up except the banking sector which dipped -0.10.
Market capitalisation grew N62 billion to close at N13.110 trillion compared with N13.048 trillion on Wednesday.
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), International Breweries, Cement Company of Northern Nigeria and Dangote Cement.
Analysts at APT Securities and Funds Limited said, “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Also, analysts at Cordros Capital stated that, “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst.”
CCNN recorded the highest price gain of 10 per cent, to close at N13.20 per share.
BOC Gases Nigeria followed with a gain of 9.84 per cent to close at N4.13, while International Breweries appreciated by 9.58 per cent to close at N18.30 per share.
Courteville Business Solutions went up by 8.70 per cent to close at 25k, while Consolidated Hallmark Insurance appreciated by 8.33 per cent to close at 26k per share.
Conversely, Forte Oil led the losers’ chart with 9.87 per cent, to close at N27.40 per share.
Berger Paints followed with a decline of 9.79 per cent to close at N6.45, while Nigerian Breweries declined by 7.26 per cent to close at N57.50 per share.
Sterling Bank depreciated by 6.38 per cent to close at N2.20 and Transnational Corporation of Nigeria (Transcorp) declined by 4.39 per cent to close at N1.09 per share.
However, total volume traded depreciated by 23.57 per cent to 301.18 million shares worth N5.03 billion, achieved in 4,187 deals.
This was against the 394.06 million shares valued at N3.27 billion transacted in 3,377 deals on Wednesday.
Transactions in the shares of Transcorp topped the activity chart with 45.97 million shares valued at N48.91 million.
Guaranty Trust Bank came second with 31.9 million shares worth N978.97 million, while Access Bank traded 31.76 million shares valued at N210.19 million.
FBN Holdings sold 28.73 million shares worth N193.08 million, while Zenith Bank accounted for 23.34 million shares valued at N464.80 million. (NAN)