Stock market reopens upbeat as index rises by 0.33 per cent

Stock market reopens upbeat as index rises by 0.33 per cent Following price gains recorded by most bluechip stocks, transactions on the Nigerian Stock Exchange (NSE) reopened in an upbeat yesterday as the All–share index increased by 0.33 per cent. At the close of trading yesterday, the All–Share Index (ASI) increased by 131.82 absolute points, representing a rise of 0.33 per cent to close at 40,571.67 points while the overall market capitalisation gained N69 billion to close at N21.225 trillion. The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Petroleum Development Company (SEPLAT), Japaul Gold and Ventures, Mutual Benefits Assurance, AIICO Insurance and Multiverse Mining and Exploration. United Capital Plc expressed optimism on market stability, but still expect investors to sustain profit taking into any key rally as the interest environment and the yield environment in the treasury markets begin to spike bullish outlook for the quarter. Analysts at Afrinvest Limited said: “We believe bargain hunting would boost the performance of the market this week.” Market sentiment, as measured by its breadth, was positive, as 31 stocks gained, relative to 13 losers. Seplat recorded the highest price gain of 10 per cent to close at N544.50, per share. Japaul Gold and Ventures followed with a gain 9.86 per cent to close at 78 kobo, while Mutual Benefits Assurance rose by 9.52 per cent to close at 46 kobo. AIICO Insurance went up by 9.26 per cent to close at N1.18, while Multiverse Mining and Exploration appreciated by 9.09 per cent to close at 24 kobo. On the other hand, Conoil and Royal Exchange led the losers’ chart by 10 per cent each, to close at N18.90 and 27 kobo, respectively, while R.T.Briscoe Nigeria followed with a decline of 9.09 per cent to close at 20 kobo. x Consolidated Hallmark Insurance lost 8.70 per cent to close at 42 kobo, while sovereign Trust Insurance shed 7.69 per cent to close at 24 kobo. Also, the total volume traded declined by 47.9 per cent to 206.243 million shares, worth N2.164 billion, and traded in 4,264 deals. Transactions in the shares of Zenith Bank topped the activity chart with 21.506 million shares valued at N539.621 million. Mutual Benefits Assurance followed with 15.003 million shares worth N6.814 million. UACN Property Development Company traded 14.833 million shares valued at N12.075 million. Fidelity Bank traded 14.721 million shares valued at N35.941 million, while United Capital transacted 13.120 million shares worth N77.835 million.