Stock Market Sustains Bullish Run, Gains N211.84bn on Demand for GTCO

Kayode Tokede 

The Nigerian stock market extended its positive momentum at midweek, as the overall capitalisation advanced by N211.84 billion on investors’ demand for Guaranty Trust Holding Company Plc (GTCO), and 59 others. 

The N211.84 billion market capitlisation increase was influenced by  the stock price of GTCO  that gained 2.39per cent or N2.05 per share to close at N88.00 per share, while Zenith Bank’s stock price appreciated by 2.97 per cent or N1.70 per share to close at N59.00 per share.

GTCO has maintained a positive momentum this week following the management plans to raise $105million new ordinary shares and cancel its Global Depository Receipts (GDRs) listing on the London Stock Exchange (LSE).

However, the Nigerian Exchange Limited All Share Index (NGX ASI) gained by 335.74 basis points or.28 per cent to close at 121,989.67 basis points from 121,653.93 basis points the stock market closed for trading the previous day.

Consequently, the NGX Month-to-Date and Year-to-Date returns settled at +1.7per cent and +18.5per cent, respectively.

Also, market capitalisation gained N211.84 billion to close at N76.970 trillion from N76.758 trillion it opened for trading.

Analysing by sectors, the  NGX Insurance advanced by 2.5per cent, NGX Industrial Goods appreciated by one per cent and NGX  Banking increased by0.5 per cent, while the NGX Consumer Goods depreciated by 0.1per cent and NGX Oil & Gas down by 0.1per cent.

Market breadth was strongly positive, with 59 gainers significantly outpacing 21 decliners, indicating widespread buying interest across sectors.

Omatek Ventures, RT Briscoe (Nigeria), Red Star Express, C&I Leasing, Chams Holding Company, Ellah Lakes and Nigerian Enamelware recorded the highest price gain of 10 per cent each to close at N1.21, N3.85, N11.11, N7.26, N10.45 and N20.35 respectively, per share.

Thomas Wyatt Nigeria followed with a gain of 9.96 per cent to close at N2.98, while AXA Mansard Insurance and Sunu Assurance up by 9.95 per cent each to close at N12.16 and N4.64 respectively, per share.

On the other hand, Legend Internet led the losers’ chart by 8.05 per cent to close at N8.00, per share. Guinea Insurance followed with a decline of 7.14 per cent to close at N1.04, while Eterna declined by 4.65 per cent to close at N41.00, per share.

eTranzact International depreciated by 4.44 per cent to close at N8.60, while Regency Alliance Insurance declined by 4.35 per cent to close at 88 kobo, per share.

Also, the total volume traded declined by 11.84 per cent to 888.703 million units, valued at N15.610 billion, and exchanged in 24,303 deals. Transactions in the shares of Japaul Gold & Venture topped the activity chart with 137.339 million shares valued at N410.881 million. Access Holdings followed with 83.040 million shares worth N1.848 billion, while AIICO Insurance traded 50.003 million shares valued at N95.261 million.

Universal Insurance traded 41.949 million shares valued at N30.518 million, while Ellah Lakes sold 31.940 million shares worth N330.971 million.

On market outlook, Afrinvest Limited said, “we anticipate the bourse to sustain the positive momentum, anchored on buoyant investor sentiment.”