Stock Market Commences February Positive, Gains N142bn

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX), yesterday extended the bullish run for the fourth consecutive session as the market capitalization appreciated by N142 billion to start February on a positive note

At the close of business, the NGX All Share Index (ASI) rose by 261.01 basis points or 0.49 per cent to close at 53,499.68 basis points. Also, investors gained N142 billion in value as market capitalisation went up to N29.140 trillion.

Market breadth closed flat with 20 gainers and 20 losers. Industrial and Medical Gas Nigeria and Seplat Energy recorded the highest price gain of 10 per cent each to close at N7.70 and N1,210.00 respectively, while Northern Nigeria Flour Mills (NNFM) followed with a gain 9.46 per cent to close at N8.10, per share.

International Energy Insurance went up by 9.33 per cent to close at 82 kobo, while Nigerian Aviation Handling Company (NAHCO) appreciated by 9.26 per cent to close at N8.85, per share. 

On the other hand, Guinness Nigeria led the losers’ chart by 10 per cent to close at N63.00, per share. Ardova followed with a decline of 9.95 per cent to close at N17.20, while Academy Press went down by 9.85 to close at N1.19, per share. 

R.T. Briscoe Nigeria lost 9.68 per cent to close at 28 kobo, while Cornerstone Insurance shed 8.33 per cent to close at 55 kobo, per share.

However, the total volume traded decreased by 19.91 per cent to 200.368 million shares, worth N5.524 billion, and traded in 3,716 deals. Transactions in the shares of Universal Insurance topped the activity chart with 57.785 million shares valued at N11.557 million. 

Guaranty Trust Holding Company (GTCO) followed with 16.607 million shares worth N415.176 million, while United Bank for Africa (UBA) traded 11.152 million shares valued at N91.379 million.

Transnational Corporation of Nigeria (Transcorp) traded 8.798 million shares valued at N10.913 million, while Geregu Power transacted 8.482 million shares worth N1.634 billion.

Analysts at GTI Securities Limited said that “we expect positive sentiment to be sustained as investors continue to pile into defensive and financial stocks.”