Equities Market Extends Rally As Investors Gain N478bn

The Nigerian equities market maintained its positive momentum, with increased investor participation driving gains across key sectors yesterday.

The All Share Index (ASI) gained by 753.65 points, representing a growth of 0.49 per cent to close at 154,489.90 points. Also, market capitalisation gained N478 billion to close at N 98.059 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Aradel Holdings, Lafarge Africa, Dangote Cement, MTN Nigeria Communications (MTNN) and CAP.

Analysts stated that the market rally demonstrates continued investor optimism regarding market fundamentals and upcoming earnings announcements.

Afrinvest Limited said, “We anticipate the bourse to extend the positive trend in the next trading session, underpinned by upbeat investor sentiment and improved earnings outlook.”

Market sentiment was slightly bearish, as 37 declining stocks outnumbered 34 gainers. PZ Cussons Nigeria and The Initiates Plc (TIP) recorded the highest price gain of 10 per cent each to close at N42.90 and N14.30, respectively, while ASO Savings & Loans followed with a gain of 9.09 per cent to close at 60 kobo per share.

CAP appreciated by 8.82 per cent to close at N74.00, while Lafarge Africa was up by 8.63 per cent to close at N150.45 per share.

On the other hand, John Holts led the losers’ chart by 9.72 per cent to close at N6.50 per share. Multiverse Mining & Exploration followed with a decline of 9.71 per cent to close at N12.55, while Stanbic IBTC Holdings declined by 9.15 per cent to close at N107.20 per share.

Nigerian Breweries depreciated by 7.83 per cent to close at N70.00, while UPDC Real Estate Investment Trust declined by 7.55 per cent to close at N7.35 per share.

Also, the total volume traded increased by 57.24 per cent to 926.920 million units, valued at N26.951 billion, and exchanged in 30,703 deals. Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 435.093 million shares valued at N1.088 billion. Fidelity Bank followed with 75.308 million shares worth N1.496 billion, while Lafarge Africa traded 45.988 million shares valued at N6.925 billion.

Access Holdings traded 25.009 million shares valued at N618.125 million, while NASCON Allied Industries sold 17.920 million shares worth N1.986 billion.