The stock market gained N150.8 billion yesterday as the bulls consolidated their hold on the market.
The bulls had regained control of the market on Tuesday after a negative trading on the first day of the week. The positive trend continued yesterday as 25 stocks appreciated in prices compared with six that depreciated.
As a result, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.7 per cent to close at 39,170.95, just as market capitalisation rose N150.8 billion to close higher at N20.4 trillion.
Traders said investors engaging on bargain hunting after prices dropped significantly in the month of May, noting the performance is in line with the general expectations that the bulls would dominate this week.
“We expect market performance to be dominated by the bulls, as positioning by early birds in dividend-paying stocks ahead of H1-2021 dividend declarations should outweigh profit-taking activities. We reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts had said at the beginning of the week.
An analysis of the price movement chart showed that bellwethers such Dangote Cement Plc, Guaranty Trust Bank Plc, Flour Mills of Nigeria Plc and Zenith Bank Plc were among the price gainers. However, Cutix Plc led with a gain of 10 per cent, trailed by Okomu Oil Palm Plc with 9.7 per cent. Union Bank of Nigeria Plc chalked up 9.4 per cent. Honeywell Flour Mills Plc and ABC Transport Plc went up by 8.6 per cent apiece. NASCON Allied Industries Plc and Regency Insurance Plc garnered 7.4 per cent and 6.6 per cent in that order.
Other top price gainers included: Royal Exchange Plc (5.4 per cent); Mutual Benefits Assurance Plc (4.5 per cent); Lafarge Africa Plc (4.2 per cent); Coronation Insurance Plc, Wema Bank Plc (3.5 per cent each), United Capital Plc (3.3 per cent); Flour Mills of Nigeria Plc (2.7 per cent); Transcorp Plc (2.3 per cent) and Dangote Cement Plc (2.2 per cent).
On the contrary, Sovereign Trust Insurance Plc led the price losers with 3.5 per cent, trailed by Jaiz Bank Plc with 3.3 per cent. FCMB Group Plc shed 1.5 per cent, while FBN Holdings Plc went down by 1.3 per cent. AXA Mansard Insurance Plc lost 1.1 per cent, just as Nigerian Breweries Plc closed 0.08 per cent lower.
Trading activity was mixed as volume traded declined 16.9 per cent to 181.5 million units while value traded rose by 149.0 per cent to N4.0 billion.
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