Transactions on the trading floor of the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, following price gains recorded by major highly capitalised stocks, especially Dangote Cement, and Forte Oil (FO), as market capitalisation rose marginally by N8billion.
Yesterday, the All -share index (ASI) gained 22.34 absolute points, representing a growth of 0.06 per cent to close at 37,647.93 points. Similarly, the market capitalisation gained N8billion to close at N13.638trillion.
The increase was occasioned by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Flourmill Nigeria, Forte Oil, Cement Company of Northern Nigeria (CCNN), and Julius Berger.
Analysts at United Capital Plc, said: “we expect investors to take position ahead of the first half, 2018 earnings declaration.”The Chief Research Officer, Investdata Consulting, Ambrose Omodion, said: “As the week open, we expect mixed performance as second quarter earnings season kicks off in the midst of events unfolding in the political environment and expected economic reports. Investors should review their position in line with their investment goals and take action as events unfolds in the global and domestic environment.
“However, we would like to reiterate our advice that investors should go for equities with intrinsic value, especially during this season where less earnings are released ahead of March full year earnings release, and Q2 interim dividend payment are expected in the market arena very soon.”
Market breadth closed negative, with 20 gainers versus 25 losers. Dangote Cement emerged the day’s highest price gainer with N2.00 to close at N227.00 per share, while FO followed with N0.8kobo to close at N27.15 per share.
Flourmills also added N0.8kobo to close at N31.50 per share. Cement Company of Northern Nigeria gained N0.65kobo to close at N22.90kobo per share. Julius Berger also garnered N0.50kobo to close at N30.00 per share.
On the other hand, National Salt Company of Nigeria led the losers’ chart with N1.15 to close at N20.65 per share. Stanbic IBTC and WAPCO followed with N1.00 kobo to close at N51.00 and N38.00 per share respectively, while Dangote Sugar depreciated by N0.70kobo to close at N17.8 kobo per share. Conoil shed N0.50kobo to close at N27.00 per share.
However, the total volume traded declined by 51.45 per cent to 155.17 million shares, worth N1.99billion, and traded in 3,422 deals. Transactions in the shares of Access Bank topped the activity chart with 21.67 million shares valued at N225.6million. Zenith Bank followed with 13.92 million shares worth N341.22million, while FBN Holdings traded 12.71 million shares at N133.06million.
Transnational Corporation of Nigeria (Transcorp) traded 11.57 million shares valued at N14.76million, and United Bank for Africa (UBA) transacted 11.1 million shares worth N114.79million.