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GT, Access Drive Gains As Investors Seek Bargains

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The nation’s bourse maintained bullish mood on Tuesday with the key performance indices increasing further by 1.09 percent on gains by some blue chips.

Specifically, the All-Share Index (ASI) rose by 261.12 points or 1.09 percent to close at 24,202.87 against 23,941.75 recorded on Monday.

Also, investors gained N136 billion in value as market capitalisation closed higher at N12.613 trillion compared with N12.477 trillion on Monday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Dangote Cement, Presco, Unilever, and Guaranty Trust Bank.

Analysts at Afrinvest Limited stated that “We expect to see gains in the next trading session as investors continue to seek bargain hunting opportunities.”

Market breadth closed strongly positive with 29 gainers and eight laggards.

Caverton led the gainers’ table in percentage terms, improving by 10 percent, to close at N2.75 per share.

Okomu Oil followed with 9.99 percent to close at N64.40, while Unilever appreciated by 9.85 percent to close at N15.05 per share.

C & I Leasing rose by 9.78 percent to close at N5.05, while Cutix appreciated by 9.56 percent to close at N1.49, per share.

On the other hand, Lasaco Assurance dominated the losers’ chart in percentage terms, dropping by eight percent, to close at 23k per share.

Nigerian Aviation Handling Company followed with a decline of 4.51 percent to close at N2.33, while Wapic Insurance shed 3.33 percent, to close at 29k, per share.

International Breweries lost three percent to close at N4.85, while Wema Bank declined by 1.69 percent to close at 58k, per share.

The banking sector led the activity chart with Access Bank the most active, accounting for 80,65 million shares valued at N545.81 million.

Guaranty Trust Bank sold 41.89 million shares worth N971.99 million, while Zenith Bank traded 39.75 million shares valued at N628.86 million.

FBN Holdings transacted 33.87 million shares worth N169.29 million, while Lasaco Assurance exchanged 19.75 million shares worth N4.63 million.

In all, investors bought and sold 339.76 million shares valued at N3.92 billion traded in 4,784 deals.

This was in contrast with a turnover of 331.001 million shares worth N2.93 billion achieved in 5,544 deals on Monday.

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