Stock Market Sustains Bullish Run, Up By N52bn

Extending gains for the second consecutive session, the Nigerian stock market yesterday closed higher as the overall capitalisation gained N52 billion due to bargain-hunting activities in Seplat Energy Plc and 49 others.

The All Share Index (ASI) rose by 95.17 points, representing a gain of 0.16 per cent to close at 59,110.02 points. Also, market capitalisation gained N52 billion to close at N32.186 trillion.

The uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, Eterna, Skyway Aviation Handling Company, GlaxoSmithKline Consumer Nigeria and Dangote Sugar Refinery.

Analysts at Afrinvest Limited said: “we anticipate buying interest to dominate tomorrow’s trading session due to sustained improvement in investor sentiment.”

As measured by market breadth, market sentiment was positive as 50 stocks gained relative to 19 losers. Academy Press, Chams, Guinea Insurance and Skyway Aviation Company recorded the highest price gain of 10 per cent each to close at N1.98, 44 kobo, 22 kobo and N7.70 respectively, per share.

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Learn Africa followed with a gain of 9.92 per cent to close at N2.26, while Unity Bank appreciated by 9.82 per cent to close at N1.23, per share. On the other hand, C&I Leasing led the losers’ chart by 10 per cent, to close at N4.05, while Cornerstone Insurance followed with a decline of 9.82 per cent to close at N1.01, per share.

Secure Electronic Technology and Veritas Kapital Assurance depreciated by 8.70 per cent each to close at 42 kobo and 21 kobo respectively, while RT Briscoe Nigeria declined by 8.11 per cent to close at 34 kobo, per share.

The total volume traded declined by 34.06 per cent to 588.854 million units, valued at N8.961 billion, and exchanged in 8,272 deals. 

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 78.512 million shares valued at N907.474 million. Guaranty Trust Holding Company (GTCO) followed with 65.4 million shares worth N2.107 billion, while Transnational Corporation (Transcorp) traded 33.706 million shares valued at N112.041 million.

Access Holdings traded 31.379 million shares valued at N466.627 million, while Veritas Kapital Assurance sold 27.759 million shares worth N6.089 million.

“In terms of metering rate, the DisCo that recorded the greatest improvement was Benin; +13.46 pp compared to 2022/Q3. Kaduna (-0.11 pp) was the only DisCo that recorded a decline in meter installation between 2022/Q3 and 2022/Q4”.