Nigerian Stock Market Commences New Week Positive,  Gains N515bn

Kayode Tokede 

The Nigerian stock market, yesterday  sustained its positive momentum to commence trading for the week, with the market capitalization gaining N515 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) appreciated by  802.94 basis  points or 0.33 per cent, to close at 243,396.25 basis points. Similarly, the market capitalisation value gained N515 billion to close at N 156.109 trillion.

Market breadth was positive as 32 gainers outpaced 29 losers. International Energy Insurance recorded the highest price gain of 9.92 per cent to close at N7.98, per share. TIP followed with a gain of 9.91 per cent to close at N32.15, while Associated Bus Company rose by 9.68 per cent to close at N6.80,   per share.

Abbey Mortgage Bank appreciated by 9.63 per cent to close at N10.25, while Haldane McCall rose by 8.89 per cent to close at N3.92, per share.

On the other hand, Fidson Healthcare led the losers’ chart by 10 per cent to close at N122.85, per share. Academy Press followed with a decline of 9.70 per cent to close at N7.45, while R.T. Briscoe shed 9.43 per cent to close at N13.45, per share.

SUNU Assurance shed 9.38 per cent to close at N4.06, while Learn Africa lost 8.70 per cent to close at N10.50, per share. 

Also, the total volume of trade increased by 22.63 per cent to 717.156 million units, valued at N56.659 billion, and exchanged in 73,321 deals. Transactions in the shares of FCMB Group topped the activity chart with 152.308 million shares valued at N1.826 billion. Premier Paints followed with 61.037 million shares worth N135.263 million, while Dangote Cement traded 34.721 million shares valued at N29.712 billion.

TIP traded 32.818 million shares valued at N1.029 billion, while Jaiz Bank transacted 32.590 million shares worth N293.295 million.

On market outlook for the week, United Capital Plc said “the Nigerian equity market is expected to trade with a mildly positive bias this week as investors take advantage of recent price corrections to accumulate fundamentally strong stocks. While profit-taking may persist in some counters, bargain hunting is likely to support select banking, industrial, and oil & gas stocks.

“Market sentiment will remain influenced by fixed income yields and broader macroeconomic developments. Nevertheless, strong corporate fundamentals and improved economic conditions are expected to sustain selective buying interest, resulting in cautious but opportunity-driven trading during the week.”