Bargain hunting: NSE indicators up by 0.36%

Bargain hunting in some blue chips resurfaced on the Nigerian Stock Exchange (NSE) on Tuesday with the All-Share Index growing by 0.36 per cent.

Specifically, the All Share Index (ASI) rose by 99.71 points or 0.36 per cent to close at 27,871.90 compared with 27,772.19.

Also, the market capitalisation which opened at N14.464 trillion increased by N52 billion or 0.36 per cent to close at N14.516 trillion.

Consequently, the Month-to-date loss moderated to 3.37 per cent, while the Year-to-Date gain increased to 3.84 per cent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria, UACN, Lafarge Africa, Cadbury Nigeria and Zenith Bank.

Analysts at Afrinvest Limited said that “in spite of today’s positive performance, we maintain a bearish outlook on the market due to waning investor sentiment.”

UACN recorded the highest price gain to lead the gainers’ chart with a growth 9.41 per cent to close at N9.30 per share.

Japaul Oil & Maritime Services followed with 8.33 per cent to close at 26k, while Cadbury appreciated by 4.44 per cent to close at N9.40 per share.

MTN grew by 4.35 per cent to close at N120, while AIICO Insurance appreciated by 3.66 per cent to close at 85k per share.

Conversely, Skyway Aviation Handling Company led the losers’ chart in percentage with a loss of 9.89 per cent, to close at N3.37 per share.

Caverton followed with 9.86 per cent to close at N2.65, while MRS shed 9.80 per cent to close at N13.80 per share.

Sovereign Trust Insurance lost 9.09 per cent to close at 20k, while Linkage Assurance shed 8.93 per cent to close at 51k per share.

Total volume traded increased by 38 per cent to 276.268 million shares, worth N3.71 billion, and traded in 3,690 deals.

This was in contrast with a total of 200.16 million shares valued at N1.92 billion exchanged in 3,487 deals.

Transactions in the shares of United Bank for Africa topped the activity chart with 49.47 million shares valued at N381.67 million.

Guaranty Trust Bank followed with 41.43 million shares worth N1.20 billion, while Zenith Bank traded 30.24 million shares valued at N604.76 million.

Japaul Oil & Maritime Services traded 29.62 million shares valued at N7.69 million, while Ecobank Transnational Incorporated transacted 27.74 million shares worth N192.81 million.