Nigeria stock market advances further 0.70%

The bulls on Tuesday continued to dominate trading on the nation’s bourse with the market indices improving further by 0.70 per cent, amid increased buying interest.

Speficially, the All-Share Index on Tuesday rose by 202.33 points or 0.70 per cent to close at 28,980.29 compared with 28,777.96 achieved on Monday.

Also, the market capitalisation inched higher by N106 billion or 0.70 per cent to close at N15.147 trillion against N15.041 trillion recorded on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Flour Mills, Conoil, Guinness, Cadbury and Guaranty Trust Bank.

The Managing Director, APT Securities and Funds Ltd., Malam Garba Kurfi, attributed the persistent rally to crash in money market instruments.

Kurfi described the capital market as the best alternative investment with good returns at the moment.

“The capital market stand today as the best alternative investment with good returns.

“The money market has crashed to a single digit rate of return on investment, same with Treasury Bills, commercial papers, FGN Savings and FGN Bonds,” Kurfi said.

He said that impressive third quarter results released by some companies contributed to the rally.

Market breadth closed positive with 46 gainers in contrast with two laggards.

Linkage Assurance led the gainers’ chart in percentage terms, appreciating by 10 per cent to close at 44k per share.

Conoil followed with 9.81 per cent to close at N17.35, while Northern Nigeria Flour Mills rose by 9.79 per cent to close at N4.60 per share.

Portland Paints and Products rose by 9.76 per cent to close at N2.25, while Livestock Feeds appreciated by 9.68 per cent to close at 68k per share.

On the other hand, Wema Bank dominated the losers’ chart in percentage terms, losing 1.72 per cent to close at 57k per share.

NEM Insurance followed with a loss of 1.46 per cent to close at N2.03 per share.

Also, the total volume of traded increased by 13.1 per cent to 385.59 million shares valued at N2.91 billion exchanged in 5,283 deals.

This was in contrast with 340.80 million shares worth N5.56 billion transacted in 4,235 deals on Monday.

Transactions in the shares of FBN Holdings topped the activity chart with 81.78 million shares valued at N505.53 million.

Access Bank followed with 50.72 million shares worth N391.24 million, while Fidelity Bank traded 35.19 million shares valued at N75.11 million.

Ecobank Transnational Incorporated sold 24.15 million shares worth N121.17 million, while United Bank for Africa accounted for 20.49 million shares worth N147.12 million.