Investors in the Nigerian equities market got a respite yesterday as the jinx of market depression that had persisted for four days was broken following marginal gains recorded by the blue chip companies. Analysts said that the resurgence of the bulls to sustain market rally after four-day losses was an indication that bargain hunters were returning to leverage on low prices of stocks .
The market capitalisation of equities rose by 0.02 per cent as market sentiments beamed green to trade up on a positive note.
Consequently, the All-Share Index dipped 1.52 basis points or 0.005 per cent to close at 29,030.92 index points as against 29,032.44 recorded the previous day while the market capitalisation of equities appreciated by N2 billion or 0.2 per cent as market sentiment returned to the green territory.
Meanwhile, a turnover of 295.2 billion shares worth N5.07 billion in 3,804 deals was recorded in the day’s trading.
The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 82.3 billion shares worth N458.03 billion exchanged by investors in 885 deals. Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and Access Bank Plc.
Also, the premium board sector boosted by activities in the shares of Zenith Bank Plc followed with a turnover of 79.3 million shares valued at N1.6 million in 1,294 deals.
The number of gainers at the close of trading session was 19 while decliners closed at 25. Oando Plc led the gainers’ table with a gain of 5.44per cent to close at N7.36 per share while Guinness Nigeria Plc followed with a again of five per cent to close at N143.24. International Breweries Plc trailed with a gain of 4.92 per cent to close at N16.00 per share.
On the other hand, Unilever Nigeria Plc led the losers with 5.29 per cent to close at N31.43 per share. UAC Property Plc followed,dropping 4.96 per cent to close at N6.32 per share. Dangote Flour Plc shed 4.94per cent to close at N2.31 per cent.
Culled from: http://newtelegraphonline.com/stock-market-records-marginal-gain-2/