Kayode Toekde
The Nigerian stock market extended its rally for a third consecutive session this week, as investor optimism around the Dangote Refinery’s N2.15 trillion Initial Public Offer (IPO) sustained bullish momentum.
The All-Share Index rose by 487.28 basis points or 0.20 per cent, to close at 244,791.79 basis points. Similarly, the overall market capitalisation value gained N316 billion to close at N158.715 trillion.
The Insurance (+1.6per cent), Consumer Goods (+0.8per cent) and Banking (+0.2per cent) indices advanced, while the Industrial Goods and Oil & Gas indices closed flat.
Investor sentiment was positive, as 34 gainers outpaced 25 losers. Sovereign Trust Insurance recorded the highest price gain of 9.69 per cent to close at N2.15, per share. Champion Breweries followed with a gain of 9.50 per cent to close at N10.95, while Livestock Feeds rose by 9.42 per cent to close at N7.55, per share.
Learn Africa up by 9.09 per cent to close at N8.40, while Mutual Benefits Assurance rose by 8.93 per cent to close at N3.05 per cent.
On the other hand, Industrial & Medical Gases Nigeria led the losers’ chart by 9.93 per cent to close at N27.65, per share. John Holts followed with a decline of 9.88 per cent to close at N7.30, while LivingTrust Mortgage Bank shed 9.84 per cent to close at N2.84, per share.
Fidson Healthcare shed 9.19 per cent to close at N72.65, while Royal Exchange lost 9.00 per cent to close at 91 kobo, per share.
The total volume traded advanced by 31.1 per cent to 662.43 million units, valued at N37.45 billion, and exchanged in 63,271 deals. Transactions in the shares of Sterling Financial Holdings Company topped the activity chart with 142.041 million shares valued at N1.072 billion. AIICO Insurance followed with 73.633 million shares worth N274.417 million, while Fidelity Bank traded 43.326 million shares valued at N873.378 million.
Guaranty Trust Holding Company (GTCO) traded 40.546 million shares valued at N5.271 billion, while Zenith Bank transacted 34.868 million shares worth N4.468 billion.
Looking ahead, Cowry Assets Management Limited said, “the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.”