Interest In Mutual Benefits, FCMB Boosts Market

The Nigerian Stock Exchange (NSE) key market indices improved further by 0.34 per cent on Tuesday due to sustained activities of bargain hunters in medium priced stocks.

Among those with heavy turnover on Monday were Mutual Benefits, FCMB and FBN Holdings.

Speficially, the All-Share Index which opened at 25,249.96, rose by 85.19 points or 0.34 per cent to close at 25,335.15.

Also, the market capitalisation appreciated by N45 billion or 0.34 per cent to close at N13.216 trillion compared with N13.171 trillion achieved on Monday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; BUA Cement, BOC Gases, Dangote Sugar, Neimeth International and Prestige Assurance.

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

BOC Gases, Mutual Benefits Assurance and Royal Exchange led the gainers’ table in percentage terms, gaining10 per cent each, to close at N4.51, 22k and 22k per share, respectively.

Neimeth International followed with 9.79 per cent to close at N2.13, while Prestige Assurance rose by 9.38 per cent to close at 70k, per share.

Linkage Assurance increased 4.17 per cent to close at 50k, while BUA Cement appreciated by 4.10 per cent to close at N43.20, per share.

On the other hand, Mobil Nigeria led the laggards’ chart in percentage terms, declining by 9.96 per cent, to close at N192.60, per share.

Fidson Healthcare followed with a 7.69 per cent loss to close at N3, while Japaul Oil lost 7.41 per cent to close at 25k, per share.

Red Star lost 6.56 per cent to close at N3.56, while Jaiz Bank shed 5.63 per cent each to close at 67k, per share.

An analysis of the activity chart indicates that Mutual Benefits emerged investors’ delight, exchanging 99.45 million shares valued at N20.87 million.

FCMB Group followed with 21.89 million shares worth N37.66 million, while FBN Holdings traded 17.92 million shares valued at N96.59 million.

United Bank of Africa sold 12.14 million shares worth N82.22 million, while Caverton transacted 10.60 million shares worth N26.09 million.

In all, investors bought and sold 268.74 million shares, valued at N1.12 billion exchanged in 4,137 deals, representing an increase of 16.60 per cent.

This was against a turnover of 230.49 million shares worth N2.17 billion transacted in 4,621 deals on Monday.

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