The Nigerian equities market yesterday sustained gains as the All Share Index rose by 1.01 per cent on post-election Tribunal ruling rally.
The All Share Index (ASI) rose by 273.11 points or 1.01 per cent to 27,426.64 points. Accordingly, investors gained N141 billion in value as market capitalisation went up to N13.351 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Forte Oil, Dangote Sugar Refinery, Guaranty Trust Bank and Lafarge Africa.
Analysts at Afrinvest Limited said that “In yesterday’s trading session, increased buying interest across board spurred the market in the positive direction. However, we expect profit-taking activities to drag market performance at the close of the week.” Market breadth closed positive as 22 stocks recorded gains relative to seven losers. AIICO Insurance recorded the highest price gain of 9.84 per cent to close at 67 kobo per share. Forte Oil followed with a gain 9.64 per cent to close at N15.35 per share, while UACN Property Development Company appreciated by 9.60 per cent to close at N1.37 per share.
Dangote Sugar Refinery went up by 9.41 per cent to close at N9.30, while Chams appreciated by 8.33 per cent to close at 26 kobo per share. On the other hand, Jaiz Bank led the losers’ chart by five per cent, to close at 38 kobo, while NPF Micro Finance Bank followed with a decline of 4.31 per cent to close at N1.11 per share while Unity Bank lost 4.29 per cent to close at 67 kobo per share. Lasaco Assurance lost 3.45 per cent to close at 28 kobo, while NASCON Allied Industries shed 2.31 per cent to close at N12.70, per share.