Bulls sustain dominance as index rises further by N4b

The bulls sustained their hold on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks appreciated at price, causing market capitalisation to increase further by N4 billion.

   
Yesterday, the All-Share Index (ASI) increased by 8.41 absolute points, representing a growth of 0.03 per cent to close at 30,741.88 points.   Similarly, investors gained N4 billion as market capitalisation advanced to N16.068 trillion.

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The uptrend was impacted by gains recorded in large and medium value stocks, including Chemical and Allied Products (CAP), FCMB Group, Guaranty Trust Bank, Dangote Sugar Refinery, and Caverton Offshore Support Group.
   
Analysts at Afrinvest Limited, said: “We expect market sentiment to be dictated by the performance of the earnings results.”
   
Sentiment, as measured by market breadth, was positive as 12 stocks recorded gains relative to 11 losers. Consolidated Hallmark Insurance recorded the highest price gain of 8.82 per cent to close at 37 kobo per share.

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Prestige Assurance followed with a 7.41 per cent gain to close at 58 kobo, while FCMB Group rose by 5.17 per cent to close at N3.05, per share.
   
Aiico Insurance rose 4.82 per cent to close at 87 kobo, and Japaul Oil and Maritime Services appreciated by 4.35 per cent to close at 24 kobo, per share.
 
On the other hand, Mutual Benefits Assurance led the losers’ chart by 4.76 per cent to close at 20 kobo per share. Wema Bank followed with 3.13 per cent to close at 62 kobo, while Julius Berger fell 2.57 per cent to close at N17.05, per share.
 
GlaxoSmithKline Consumer Nigeria slipped by 1.67 per cent to close at N5.90, and Honeywell Flour Mill shed 0.97 per cent to close at N1.02, per share.