Stock market resumes December upbeat as capitalisation rises by N55b

By Helen Oji

 The equity market resumed December trading in an uptrend with market capitalisation increasing by N55 billion.

  
At the close of transactions yesterday, the All-Share Index (ASI) gained 105.48 absolute points, representing a growth of 0.30 per cent to close at 35,147.62 points.

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Similarly, the market capitalisation also appreciated by N55 billion to close at N18.365 trillion.
  
The uptrend was driven by price appreciation in medium and large capitalised stocks including Guaranty Trust Bank PLC, Seplat Petroleum Development Company PLC and Zenith Bank PLC.
  
APT Securities and Funds Limited said: “We expect a more bullish run amidst short-term profit-taking as the trading week unfolds.”
 
Afrinvest Limited predicted that the mild gains recorded in the equity market would be sustained this week.

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However, market sentiment, as measured by market breadth, closed negative with 16 stocks recording gains relative to 21 losers. 
Caverton Offshore Support Group recorded the highest price gain of 9.88 per cent, to close at N1.89 per share. Cutix followed with 9.80 per cent gain to close at N1.68 while AIICO Insurance rose by 9.78 per cent to close at N1.01. 
   
On the other hand, Cornerstone Insurance led the losers’ chart by 10 per cent, to close at 54 kobo. Consolidated Hallmark Insurance followed with a decline of 9.68 per cent to close at 28 kobo, while Prestige Assurance declined by 9.09 per cent to close at 50 kobo.
   
Lasaco Assurance declined by 8.82 per cent to close at 31 kobo while Mutual Benefits Assurance shed 8.70 per cent to close at 21 kobo. Also, the total volume of trades decreased by 25.8 per cent to 308.181 million units, valued at N3.403 billion and exchanged in 4,515 deals.
  
Transactions in the shares of Access Bank topped the activity chart with 43.368 million shares valued at N376.477 million. FBN Holdings (FBN) followed with 31.935 million shares worth N229.789 million while Mutual Benefits Assurance traded 24.435 million shares valued at N5.156 million.

United Bank for Africa PLC traded 24.093 million shares valued at N200.213 million while Guaranty Trust Bank transacted 24.057 million shares worth N859.153 million.