Stock Market Gains N579bn to Sustain Positive Momentum

Kayode Tokede

The stock market section of the Nigerian Exchange Limited (NGX), yesterday  gained N579 billion to sustain its positive momentum for the ninth consecutive day  as investors position in listed fundamental companies. 

The  NGX All-Share Index (NGX  ASI) gained by 895.07 basis points, or .59 per cent to close at 153,354.14 basis points.

The market witnessed the listing of 7.62 million units of Chams Holding Company shares, causing a 0.01 per cent discrepancy in the ASI and market cap percentage increase.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Foods, Eunisell Interlinked, MeCure Industries, First HoldCo and Nigerian Exchange Group.

Market breadth was positive with 29 gainers surpassing 27 losers. Aluminium Extrusion Industries recorded the highest price gain of 9.96 per cent to close at N14.90, per share. Austin Laz & Company followed with a gain of 9.81 per cent to close at N2.91, while Custodian Investment increased by 9.69 per cent to close at N38.50, per share.

First HoldCo rose by 9.35 per cent to close at N50.30, while FTN Cocoa Processors up by 8.74 per cent to close at N5.10, per share.

On the other hand, Royal Exchange led the losers’ chart by 7.22 per cent to close at N1.80, per share. Champion Breweries followed with a decline of 6.57 per cent to close at N15.65, while NASCON Allied Industries declined by 5.36 per cent to close at N105.05, per share.

Sovereign Trust Insurance depreciated by 5.28 per cent to close at N3.77, while Japaul Gold & Ventures declined by 4.51 per cent to close at N2.33, per share.

Also, the total volume traded rose by 50.03 per cent to 677.433 million units, valued at N20.784 billion, and exchanged in 27,589 deals. Transactions in the shares of VFD Group topped the activity chart with 191.972 million shares valued at N2.073 billion. Guaranty Trust Holding Company (GTCO) followed with 63.450 million shares worth N5.590 billion, while Access Holdings traded 49.774 million shares valued at N1.022 billion.

First HoldCo traded 45.810 million shares valued at N2.247 billion, while Secure Electronic Technology sold 39.332 million shares worth N28.352 million.

 On market outlook, Imperial Asset Managers Limited said, “at the equity market session today, Near-term sentiment remains cautiously optimistic, supported by strong YTD performance and sustained interest in fundamentally sound, liquid stocks. However, trading activity may remain selective and range-bound as investors’ position ahead of year-end portfolio rebalancing.”