Stock Market Recovers, Gains N45bn

Nigerian stock market, yesterday recovered as investors’ investment rose by N45 billion on a bullish sentiment in Ardova Plc and 31 others.

The All-Share Index (ASI) gained 82.98 points, representing a gain of 0.16 per cent to close at 52,290.75 points. Also, market capitalisation rose by N45 billion to close at N28.472 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Ardova Plc (AP), Guaranty Trust Holding Company (GTCO), UAC of Nigeria (UACN), MTN Nigeria Communications (MTNN) and NEM Insurance.

Analysts at Afrinvest Limited said: “we expect the bourse to close the final trading session on a positive note as investors cherry-pick stocks with sound fundamentals.”

As measured by market breadth, market sentiment was positive, as 33 stocks gained relative to 18 losers. Mutual Benefit emerged the highest price gainer of 10 per cent to close at 33 kobo, per share. NEM Insurance followed with a gain of 9.64 per cent to close at NN4.55, while CWG Plc advanced by 9.09 per cent to close at N1.20, per share.

Ardova increased by 8.47 per cent to close at N19.85, while Prestige Assurance added 8.33 per cent to close at 39 kobo. On the other side, Linkage Assurance led others on the losers’ chart with 9.43 per cent to close at 48 kobo, per share. McNichols Plc followed with a decline of 8.86 per cent to close at 72 kobo, while Red Star Express shed 8.73 per cent to close at N2.30, per share.

University Press lost 8.29 per cent to close at N1.66, while Champion Breweries depreciated by 7.62 per cent to close at N4.00, per share.

The total volume of trades increased by 89.55 per cent to 1.270 billion units, valued at N7.008 billion, and exchanged in 5,963 deals.

Transactions in the shares of Transnational Corporation (Transcorp) led the activity with 811.205 million shares worth N1.989 billion, Access Holdings followed with account of 219.367 million shares valued at N2.346 billion, while Chams Holdings traded 30.994 million shares valued at N10.133 million.

Zenith Bank traded 24.319 million shares worth N597.329 million, while Fidelity Bank traded 24.319 million shares worth N137.661 million.