Stock Market Sustains Positive Momentum for Fifth Straight Session, Adds N222bn
Kayode Tokede
The Nigerian stock market yesterday climbed for the fifth straight session, gaining N222 billion by market capitalisation on continued buying interest in large-cap stocks.
The gain so far this week has reinforced investor confidence and keeping the stock market on a positive trajectory
The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 382.13 basis points or 0.35 per cent to close at 109,231.96 basis points. Also, market capitalisation gained N222 billion to close at N68.652 trillion.
Also, investor sentiment, as measured by market breadth was positive as 38 stocks advanced, while 21 declined Beta Glass and Chellarams recorded the highest price gain of 10 per cent each to close at N160.65 and N9.46 respectively, while International Energy Insurance followed with a gain of 9.93 per cent to close at N1.66, per share.
May & Baker Nigeria up by 9.78 per cent to close at N10.10, while Academy Press gained 9.78 per cent to close N3.93, per share.
On the other hand, Abbey Mortgage Bank led the losers’ chart by 10 per cent to close at N7.47, per share. Livestock Feeds followed with a decline of 9.77 per cent to close at N7.85, while end Internet declined by 8.50 per cent to close at N9.15, per share.
Deap Capital Management and Trust depreciated by 6.48 per cent to close at N1.01, while VFD Group declined by 5.88 per cent to close at N16.00, per share.
Meanwhile, the total volume traded fell by 5.69 per cent to 554.069 million units, valued at N14.348 billion, and exchanged in 16,704 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 69.758 million shares valued at N1.407 billion. Access Holdings followed with 65.761 million shares worth N1.437 billion, while Tantalizer traded 55.060 million shares valued at N126.758 million.
Guaranty Trust Holding Company (GTCO) traded 45.972 million shares valued at N3.104 billion, while First HoldCo sold 22.710 million shares worth N571.609 million.
On market outlook, analysts at Futureview Research stated that “the market is expected to maintain its bullish momentum this week, supported by strong investor interest in large-cap stocks and upbeat Q1 earnings releases.”
