The Nigerian equities market sustained its bullish momentum yesterday, closing higher for the third consecutive session. Sustained interest in Beta Glass Plc and 25 others pushed the overall capitalisation up by N204 billion.
The All-Share Index rose by 321.59 per cent, representing a gain of 0.23 per cent, to close at 141,761.36 points. Similarly, the overall market capitalisation value gained N204 billion to close at N89.697 trillion.
The market’s positive performance was driven by price appreciation in large and medium-capitalised stocks, including Beta Glass, Cadbury Nigeria, Oando, Guaranty Trust Holding Company (GTCO), and Dangote Sugar Refinery.
On market outlook, Afrinvest Limited said, “We expect the local market to take a breather from its bullish momentum as investors take profit.”
Market sentiment was subdued, as reflected by a negative breadth, with 26 stocks advancing against 33 decliners. NCR Nigeria recorded the highest price gain of 10 per cent, closing at N11.55 per share. Berger Paints followed with a gain of 9.06 per cent to close at N34.90, while Beta Glass rose by 8.16 per cent to close at N486.00 per share.
Cadbury Nigeria appreciated by 8.04 per cent to close at N62.50, while Sovereign Trust Insurance rose by 7.55 per cent to close at N2.85 per share.
On the other hand, Legend Internet led the losers’ chart by 10 per cent to close at N5.40 per share. Secure Electronic Technology followed with a decline of 9.26 per cent to close at 98 kobo, while Cutix declined by 8.97 per cent to close at N3.55 per share.
UACN shed 8.69 per cent to close at N73.00, while Deap Capital Management & Trust lost 8.29 per cent to close at N1.66 per share.
The total volume of trade increased by 2.33 per cent to 605.017 million units, valued at N12.896 billion, and exchanged in 28,845 deals. Transactions in the shares of FCMB Group topped the activity chart with 89.298 million shares valued at N980.796 million. Veritas Kapital Assurance followed with 68.493 million shares worth N154.196 million, while AIICO Insurance traded 36.153 million shares valued at N152.489 million.
Secure Electronic Technology traded 27.298 million shares valued at N27.063 million, while Mutual Benefits Assurance transacted 23.511 million shares worth N104.948 million.
