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Bulls maintain dominance on NSE, indices up 0.76%

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NSE maintain bearish trend despite listing of Ellah Lakes additional shares

The bulls continued to dominate trading on the Nigerian Stock Exchange on Wednesday with the market indicators rising further by 0.76 per cent.

Consequently, the All-Share Index rose by 267.93 points of 0.76 per cent to close at 35,493.15 compared with 35,225.22 achieved on Tuesday.

Similarly, the market capitalisation garnered N140 billion to close at N18.550 trillion from N18.410 trillion recorded on Tuesday.

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

Analysts at Afrinvest Ltd., were optimistic that the equities market would continue to maintain bullish performance, given that current prices present attractive investment opportunities.

AXA Mansard Insurance drove the gainers’ chart in percentage terms, gaining 10 per cent to close at 77k per share.

May and Baker came second with 9.89 per cent to close at N3.89, while NCR rose by 9.60 per cent to close at N2.17 per share.

University Press improved by 9.52 per cent to close at N1.38, while Unity Bank appreciated by 8.06 per cent to close at 67k per share.

Conversely, Cornerstone Insurance led the losers’ chart in percentage terms, dropping 8.33 per cent to close at 55k per share.

Linkage Assurance followed with 8.16 per cent to close at 45k, while Lasaco Assurance shed 6.06 per cent to close at 31k per share.

Associated Bus Company shed 5.71 per cent to close at 33k, while Chams depreciated by 4.55 per cent to close at 21k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 40.58 million shares valued at N999.27 million.

Jaiz Bank followed with 414.98 million shares worth N216.96 million, while AXA Mansard accounted for 22.33 million shares valued at N17.19 million.

Skyway traded 19.00 million shares worth N50.63 million, while Access Bank transacted 15.75 million shares valued at N130.35 million.

In all, the total volume of shares traded increased by 146.2 per cent to 650.55 million shares worth N2.29 billion traded in 3,952 deals.

This was in contrast with a total of 264.24 million shares valued N2.95 billion transacted in 4,354 deals on Tuesday.

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