Stock Market Gains N1.76tn Amid Sustained Investors Confidence

Kayode Tokede

The Nigerian stock market opened the new week on a positive note  as the capitalisation appreciated by N1.76 trillion, reflecting sustained investor confidence and continued buying interest in large-cap stocks.

The 10 per cent gain in BUA Cement, and First Holdco Plc lifted  the   Nigerian Exchange Limited All-Share Index (NGX ASI) to 2,721.83 points or 1.12 per cent gain close at 246,183.96 basis points.

Consequently, the NGX ASI in its Month-to-Date and Year-to-Date returns settled higher at +7.3per cent and +58.2per cent, respectively.

Also, market capitalisation rose by N1.76 trillion to close at N158.812 trillion.

Meanwhile, investor sentiment was broadly negative as 31 decliners narrowly outpaced 29 gainers. Custodian Investment and NEM Insurance emerged the highest price gainer of 10 per cent each to close at N75.90 and N30.80 respectively, while BUA Cement followed with a gain of 9.98 per cent to close at N303.10, per share.

First Holdco rose by 9.95 per cent to close at N105.50, while FTN Cocoa Processors appreciated by 9.94 per cent to close at N9.29, per share.

On the other side, Sunu Assurance led others on the losers’ chart with 10 per cent to close at N3.60, per share.  Tripple Gee & Company followed with a decline of 9.77 per cent to close at N3.51, while ABC Transport lost by 9.62 per cent to close at N7.05, per share

Abbey Bank shed 9.00 per cent to close at N9.10, while Wapic Insurance depreciated by 7.69 per cent to close at N2.40, per share.

Also, the total volume traded rose by 24.17 per cent to 851.634 million units, valued at N49.595 billion, and exchanged in 56,873 deals. Transactions in the shares of First Holdco led the activity with 203.938 million shares worth N21.515 billion. Access Holdings followed with account of 190.716 million shares valued at N4.824 billion, while United Bank for Africa (UBA) traded 29.186 million shares valued at N1.391 billion.

Zenith Bank traded 24.709 million shares worth N2.869 billion, while Sterling Financial Holdings Company traded 23.604 million shares worth N187.385 million.

On market outlook, Cowry Assets Management Limited said, “the market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.”