All-ShareIndex rises by 0.18% on bargain hunting

The NigerianStock Exchange’s (NSE) key market indices on Wednesday appreciated further by0.18 per cent due to sustained bargain hunting.

Consequently, the NSEAll-Share Index rose by 46.05 points or 0.18 per cent to close at 25,460.00compared with 25,413.95 recorded on Tuesday.

Accordingly, Month-to-Dategain increased to 0.5 per cent, while Year-to-Date loss moderated to -5.2 percent.

Similarly, the marketcapitalisation which opened at N13.258 trillion increased by N24 billion or 0.18per cent to close at N13.282 trillion.

The upturn was impacted bygains recorded in large and medium capitalised stocks, among which are: StanbicIBTC, Nigerian Breweries, Guinness, Flour Mills and Zenith Bank.

Analysts at Afrinvest Ltdsaid, “We expect the soft gains to be sustained for the rest of the week on theback of improved investor appetite.”

Market sentiment was postivewith 18 gainers in contrast with 11 losers.

Cornerstone Insurancedominated the gainers’ chart in percentage terms, gaining 8.33 per cent toclose at 65k per share.

Union Diagnostic trailed witha growth of eight per cent to close at 27k, while Regency rose by 4.35 per centto close at 24k per share.

Sterling Bank garnered 4.17per cent to close at N1.25, while Transcorp appreciated by 3.51 per cent toclose at 59k per share.

Conversely, Academy Press andInitiates led the losers’ chart in percentage terms, dropping by 10 per centeach to close at 27k and 63k per share, respectively.

AXA Mansard Insurancefollowed with a loss of 9.24 per cent to close at N1.67 per share.

UACN Property Developmentdipped 8.70 per cent to close at 84k, while GlaxoSmithKline shed 4.90 per centto close at N4.85 per share.

In spite of the growth inmarket indices, the volume of shares transacted closed lower with an exchangeof 181.32 million shares worth N1.12 billion in 3,408 deals.

This is against a turnover of1.07 billion shares valued at N2.10 billion achieved in 3,221 deals on Tuesday.

Transactions in the shares ofTranscorp topped the activity chart with 26.79 million shares worth N15.38million.

Regency Alliance followedwith 20.31 million shares valued at N4.57 million, while United Bank for Africaaccounted for 13.29 million shares worth N86.21 million.

Zenith Bank traded 13.05million shares valued at N220.67 million, while Royal Exchange transacted 8.75million shares worth N2.85 million. (NAN)

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