Buoyed by investors Confidence, Market Capitalisation Crosses to N159trn

Kayode Tokede  

The Nigerian stock market continued its positive  run, with stocks repricing across major sectors as investor confidence drove market capitalisation above the N159 trillion mark.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 475.60 basis points or 0.19 per cent to close at 246,659.56 basis points from 246,183.96 basis points it opened for trading with the Month-to-Date and Year-to-Date returns edged higher to +7.5per cent and +58.5per cent, respectively. 

The market capitalisation rose by N307 billion to close at N159.119 trillion from N158.812 trillion it closed the previous day. 

On sectors, performance was broadly positive as the Insurance (+0.5per cent) and Consumer Goods (+0.5per cent) indices advanced while the Industrial Goods, Banking, and Oil & Gas indices closed flat.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Exchange, MTN Nigeria Communications (MTNN), BUA Cement, Ikeja Hotel and The Initiates Plc (TIP).

Investor sentiment remained upbeat, with 33 gainers outperforming 20 losers. Thomas Wyatt Nigeria emerged the highest price gainer of 9.73 per cent to close at N3.72, per share. Ikeja Hotel followed with a gain of 9.53 per cent to close at N46.55, while The Initiates Plc up by 9.52 per cent to close at N33.95, per share.

Neimeth International Pharmaceuticals appreciated by 9.47 per cent to close at N9.25, while FTN Cocoa Processors rose by 8.72 per cent to close at N10.10, per share.

On the other side, MeCure Industries led others on the losers’ chart with 9.95 per cent to close at N76.95, per share. Haldane McCall followed with a decline of 9.86 per cent to close at N3.29, while Critical Minerals Financing Corporation (CMFC) declined by 9.85 per cent to close at N3.02, per share.

Trans Nationwide Express lost 9.68 per cent to close at N2.80, while Academy Press depreciated by 9.38 per cent to close at N5.80, per share.

The total volume traded advanced by 11.4 per cent to 932.45 million units, valued at N49.28 billion, and exchanged in 50,059 deals. Transactions in the shares of Access Holdings led the activity with 336.615 million shares worth N8.650 billion. FCMB Group followed with account of 88.823 million shares valued at N1.022 billion, while First Holdco traded 72.715 million shares valued at N7.667 billion.

Zenith Bank traded 37.426 million shares worth N4.375 billion, while United Bank for Africa (UBA) traded 32.124 million shares worth N1.532 billion.

On market outlook, Cowry Assets Management Limited said, “we expect the market’s positive momentum to persist, supported by continued strategic investor repositioning and portfolio rebalancing. Nevertheless, intermittent profit-taking in recently appreciated stocks could temper the pace of further gains in the near term.”