Stock market gains N29bn, indices up 0.11%

Trading on the domestic stock market remained bullish with the market capitalisation gaining N28.73 billion to close at N26.908 trillion from N26.880 trillion posted on Wednesday.

Similarly, the All Share Index rose by 53.29 points or 0.11 per cent to close at 49,889.80 from 49, 836.51 achieved on Wednesday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Consolidated Hallmark Insurance, Pharm-Deko and FCMB.

On performance of the market, analysts at Vetiva Dealing and Brokage said, “The month started off positive, despite the drawback seen in market sentiment.

“Barring any large volume transactions tomorrow, we anticipate a quiet close to the week.”

The market breadth closed positive with 14 gainers against 12 losers.

Pharma-Deko led the gainers’ chart in percentage terms with 7.43 per cent to close at N1.88 per share.

UPDC and Consolidated Hallmark Insurance followed, appreciating by five per cent each to close at N1.05 and 63k per share.

FCMB Group went up by 4.92 per cent to close at N3.20 while Fidelity Bank appreciated by 4.39 per cent to close at N3.33 per share.

On the other hand, Mutual Benefits Assurance led the losers’ chart in percentage terms by 9.38 per cent to close at 29k per share.

Computer Warehouse Group followed with a decline of 9.09 per cent to close at 90k, while Transcorp Nigeria shed 7.08 per cent to close at N1.05 per share.

Lasaco Assurance lost 6.8 per cent to close at 96k, while Sterling Bank depreciated by 4.52 per cent to close at N1.48 per share.

Transactions in the shares of Sterling Bank topped the activity chart with 108.7 million shares valued at N159.82 million.

Guaranty Trust Holding Company followed with 34.52 million shares worth N680.45 million, while Fidelity Bank traded 15.55 million shares valued at N50.59 million.

Mutual Benefits Assurance traded 9.18 million shares worth N2.77 million, while Zenith Bank transacted 7.45 million shares worth N162.32 million.

However, the total volume and value of trades fell by 38 per cent and 46 per cent each to 229.12 million shares and N1.75 billion respectively, which were traded in 3,575 deals.

This was in contrast with 367.34 million shares worth N3.24 billion exchanged in 3,725 deals recorded on Wednesday.