The Listing of 1.612 billion ordinary shares of Notore Chemical Industries, on the Nigerian Stock Exchange (NSE), yesterday, triggered renewed bargain hunting by investors, as the market capitalisation rose by N129billion.
Specifically, at the close of transactions yesterday, the All Share Index (ASI) gained 76.08 absolute points, representing a growth of 0.21 per cent to close at 36,688.91 points.
Similarly, the market capitalisation gained N129billion to close at N13.392trillion as 1.6 billion shares of Notore Chemical at 50kobo per value was admitted to the daily official list of NSE at N62.50 per share.
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Total Nigeria, Ecobank Transnational Inc (ETI), Zenith Bank, United Bank for Africa (UBA), and Presco.
Analysts at APT Securities and Funds Limited, noted that bargain hunting flipped the equities market into the green zone amidst the successful listing of Notore Chemical, saying that the market is open to another round of investors seeking higher value for money the next trading session, however, the market may sway either way to close the week.
Market breadth closed positive, with 23 gainers versus 16 losers. Pointland Paints recorded the highest price gain of 9.76 per cent, to close at N2.25 per share.
UAC of Nigeria followed with a gain of 9.68 per cent to close at N1.70, while Lasaco Assurance rose by 9.09 per cent to close at 36kobo per share.
Trans-Nationwide Express gained by 8.83 per cent to close at 78kobo, and Niger Insurance appreciated by 7.69 per cent, to close at 28kobo per share.
On the other hand, Secure Electronic Technology led the losers’ chart by 10 per cent, to close at 36kobo per share.
Flour Mills of Nigeria followed with a loss of 5.40 per cent to close at N27.15 per share.
Oando declined by 4.27 per cent to close at N5.60 per share.
Regency Alliance Insurance shed 4.17 per cent to close at 23kobo, while Universal Insurance depreciated by four per cent to close at 48kobo per share.
The total volume traded appreciated by 33.40 per cent to 320.45 million shares worth N3.53billion, traded in 3,293 deals.
Transactions in the shares of Nigerian Aviation Handling Company (NAHCO, topped the activity chart with 130.59 million shares valued at N777.32million.
UBA followed with 28.73 million shares worth N270.96million, while FBN Holdings traded 25.997 million shares valued at N3258.73million.