The stock market continued its positive performance yesterday, recording another appreciation. Having gained about 2.1 per cent last week, the market opened this week with a growth of 1.38 per cent as the Nigerian Stock Exchange (NSE)All-Share Index rose to 27,339.68, while market capitalisation added N179.1 billion to close at N13.081 trillion.
The market was highly bullish as bargain hunters took advantage of the low prices for early entry into the market. Consequently, 30 stocks appreciated compared with 13 that depreciated.
Gains recorded by bellwethers such as Dangote Cement Plc, Guaranty Trust Bank Plc and Zenith Bank Plc boosted the performance. However, the price gainers’ chart was led by FCMB Group Plc with 10 per cent, trailed by Cornerstone Insurance Plc with 9.4 per cent, just as Unity Bank Plc chalked up 8.9 per cent.
Wema Bank Plc, Courtville Business Solutions Plc, LASACO Assurance Plc, NASCON Allied Industries Plc, UBA Plc and Fidelity Bank Plc garnered 8.8 per cent, 8.3 per cent, 8.0 per cent,7.7 per cent and 7.3 per cent in that order.
Other top price gainers included: Ecobank Transnational Incorporated Plc(6.4 per cent); Access Bank Plc (6.4 per cent); Flour Mills of Nigeria Plc (6.3 per cent);Dangote Sugar Refinery Plc (5.9 per cent); African Prudential Plc (5.8 per cent); FBN Holdings Plc (5.3 per cent); and United Capital Plc (5.0 per cent).
Conversely, PZ Cussons Nigeria Plc led the price losers with 9.7 per cent, followed by Niger Insurance Plc and Union Diagnostic and Clinical Services Plc with 9.1 per cent apiece. Consolidated Hallmark Insurance Plc shed 8.3 per cent, just as Fidson Healthcare Plc and Union Bank of Nigeria Plc went down by 5.5 per cent and 5.0 per cent respectively.