Stock Market Surges By N1.736trn On Strong Earnings Reports

The Nigerian equities market recorded a significant gain of N1.736 trillion yesterday, driven by strong corporate earnings reports during the earnings season.

The market capitalisation has hit N87 trillion, indicating a surge in investor confidence.
The All-Share Index rose by 2,746.36 points, representing a gain of 2.03 per cent, to close at 137,912.87 points. Similarly, the overall market capitalisation value gained N1.736 trillion to close at N87.191 trillion.

The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks, which are Okomu Oil, MTN Nigeria Communications (MTNN), Beta Glass, Lafarge Africa, and Dangote Cement.

On market outlook, Afrinvest Limited said, “We expect the market to sustain its upward trajectory as earnings releases of major players ignite fresh buying opportunities.”

Investor sentiment, as measured by market breadth, closed positive as 51 stocks advanced, while 25 declined. Berger Paints Nigeria, Learn Africa, Thomas Wyatt Nigeria and Haldane McCall recorded the highest price gain of 10 per cent each to close at N34.10, N6.93, N3.19 and N4.73 respectively, per share.
MTNN and Ellah Lakes followed with a gain of 9.99 per cent each to close at N451.60 and N9.80 respectively, while Academy Press rose by 9.96 per cent to close at N11.26 per share.

On the other hand, Abbey Mortgage Bank and Northern Nigeria Flour Mills (NNFM) led the losers’ chart by 10 per cent each to close at N7.20 and N93.15 respectively, while Vitafoam Nigeria followed with a decline of 9.96 per cent to close at N79.10, per share.

Industrial & Medical Gases Nigeria (IMG) shed 9.93 per cent to close at N37.65, while International Breweries lost 7.10 per cent to close at N15.05, per share.

The total volume of trade increased by 18.25 per cent to 940.804 million units, valued at N30.627 billion, and exchanged in 28,358 deals.

Transactions in the shares of Fidelity Bank topped the activity chart with 111.265 million shares valued at N2.335 billion. Royal Exchange followed with 74.075 million shares worth N110.803 million, while Jaiz Bank traded 60.856 million shares valued at N238.186 million.

Universal Insurance traded 38.281 million shares valued at N28.833 million, while Access Holdings transacted 36.813 million shares worth N1.006 billion.