Investors Demand for GTCO, Others Lift  Stock Market by  N192.85bn

Kayode Tokede 

With surge investors demand for Guaranty Trust Holdings Company Plc (GTCO), and 54 others,  the Nigerian stock market appreciated by N193 billion to open the new week on a positive note.

GTCO gained 1.56 per cent or N1..30 per share to close at N84.50 per share, amid its move to list on the secondary market of the London Stock Exchange (LSE).

Specifically, the market capitalisation, which opened at N76.339 trillion, added N192.85 billion or 0.25 per cent to close at N76.532 trillion it closed for trading last week.

Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) also gained 0.25 per cent or 305.67  basis  points, to settle at 121,295.33 basis points against 120,989.66 basis points it opened for trading.

This bringsNGX ASI with the Month-to-Date and Year-to-Date returns +1.1per cent and +17.9per cent, respectively.

On sectors, the NGX  Banking Index (+0.9%), NGX Consumer Goods Index (+0.8%), and NGX Insurance Index (+0.4%) advanced while the NGX Oil & Gas Index and NGX Industrial Goods index were unchanged.

Meanwhile,  the  stock market breadth closed positive with 55 gainers and 23 losers.

Cadbury Nigeria led the advancers chart, increasing by 10 per cent, closing at N53.35 and Ellah Lakes also soared by 10 per cent, settling at N8.91 per share.

Tripple Gee rose by 10 per cent, ending the session at N2.97 while UPDCREIT also climbed by 10 per cent, finishing at N7.15 per share.

Also, Red Star Express grew by 9.92 per cent, closing at N9.20 per share.

On the flip side, Sunu Assurances shed by 10 per cent, settling at N4.50 while RT Briscoe declined by 9.59 per cent, finishing at N3.30 per share.

Prestige dropped by 9.09 per cent, closing at N1.20 and UPDC fell by 8.23 per cent, ending the session at N4.35 per share.

Berger Paints lost by 7.58 per cent, closing at N30.50 per share.

824.10 million shares worth N14.44 billion were traded across 24,042 transactions, compared to 923.7 million shares worth N11 billion that was exchanged across 25,680 transactions earlier recorded.

Transactions in the shares of Universal Insurance topped the activity chart with 71.92 million shares worth N48.94 million.

First City Monument Bank followed with 61.4 million shares valued at N564.78 million while Ja Paul Gold transacted 53.34 million shares worth N136.1 million.

Access Corporation sold 42.02 million shares valued at N942.81 million and AIICO Insurance traded 40.10 million shares worth N64.84 million.

Analysts at Cordros Research stated that it expected  investors to continue positioning their portfolios for the upcoming half-year earnings season, with trading likely to be shaped by ongoing adjustments and rebalancing activity.