Stock Market Index Crosses 70,000 points To Commence November Trading

The Nigerian Exchange Limited’s All-Share Index surged to an all-time high and shattered the 70,000-point barrier.

The All Share Index (ASI) rose by 1,345.57 points, representing a gain of 1.94 per cent to close at 70,581.76 points. Also, market capitalisation appreciated by N739 billion to close at N38.778 trillion.

The uptrend was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Presco, FBN Holdings (FBNH), Zenith Bank and Cadbury Nigeria.

The market has been on an upward trajectory since the entry of the new administration led by President Bola Tinubu, due to proactiveness in implementing necessary reforms such as the removal of fuel subsidy and the liberalisation of the foreign exchange market.

Market breadth closed positive as 37 stocks gained relative to 16 decliners. Airtel Africa recorded the highest price gain of 10 per cent to close at N1,694.10, while University Press and Chams Holding Company followed with a gain of 9.91 per cent each to close at N2.33 and N2.44 respectively, per share.

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NEM Insurance rose by 9.90 per cent to close at N5.55, while FBNH appreciated by 9.78 per cent to close at N19.65, per share. On the other hand, Caverton Offshore Support Group led the losers’ chart by 7.74 per cent to close at N1.43, per share. Champion Breweries followed with a decline of 6.85 per cent to close at N3.40, while C & I Leasing lost 6.41 per cent to close at N3.36, per share.

UPDC Real Estate Investment Trust depreciated by 2.70 per cent to close at N3.60, while Unilever Nigeria declined by 2.44 per cent to close at N14.00, per share.

The total volume traded increased by 24.51 per cent to 601.733 million units, valued at N11.016 billion, and exchanged in 7,444 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 163.562 million shares valued at N3.473 billion. FBNH followed with 94.655 million shares worth N1.841 billion, while Guaranty Trust Holding Company (GTCO) traded 45.752 million shares valued at N1.601 billion.

Access Holdings Consolidated traded 36.694 million shares valued at N641.992 million, while Universal Insurance sold 34.716 million shares worth N8.938 million.