Stocks Market Up By 0.88% On Dangote Cement

The Nigerian stocks market gained by 0.88 per cent amid continued positive investor sentiment, especially towards high capitalised stocks, like Dangote Cement and Guaranty Trust (GTBank). The All-Share Index (ASI) gained 289.00 absolute points, representing a growth of 0.88 per cent to close at 33,196.07 points. Similarly, Market capitalisation rose by N105 billion to close at N12.119 trillion. The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Groups, Guaranty Trust Bank, Dangote Cement, Forte Oil and Zenith Bank. Analysts at United Capital said that “we expect investors to continue crunching numbers from the nine months, 2018 earnings publications to make decisions in the week ahead even as events in the broader economy and political space unfolds.” Also, analysts at Afrinvest Limited stated that “we observed severe sell pressures outside banking bellwether stocks, yesterday, thus we expect market performance to decline in the subsequent sessions.” Market breadth closed the same, with 17 gainers and losers. Consolidated Hallmark Insurance recorded the highest price gain of 10 per cent, to close at 33 kobo per share. Lasaco Assurance followed with a gain of 6.67 per cent to close at 32 kobo, while Stanbic IBTC Holdings gained by 6.52 per cent to close at N49 per share. Wapic Insurance went up by 4.76 per cent to close at 44 kobo, while Guaranty Trust Bank appreciated by 4.05 per cent to close at N38.50 per share. On the other hand, Unity Bank led the losers’ chart by 10 per cent, to close at 81 kobo, per share. Diamond Bank followed with a loss of 9.72 per cent to close at N1.30, while Royal Exchange declined by 9.09 per cent to close at 20 kobo, per share. Aiico insurance dipped by 8.86 per cent to close at 72 kobo, while DN Meyer shed 8.82 per cent to close at 62 kobo, per share. Total volume of trades fell by 46.3 per cent to 150.5 million units, valued at N2.88 billion, and exchanged in 2,624 deals. Transactions in the shares of Zenith Bank topped the activity chart with 28,43million shares worth N690.37 million. Guaranty Trust Bank followed with account of 28.28 million shares valued at N1.07 million, while FCMB Groups traded 15.37 million shares cost N23.83 million. FBN Holdings traded 10.47 million shares valued at N94.1 million, while Fidelity Bank sold 9.13 million shares worth N18.57 million.