Bullish Sentiment Dominates As Stock Market Edges Higher By N125bn

The Nigerian stock market yesterday closed on a bullish note, with the market capitalisation expanding by N125 billion.

The All Share Index (ASI) gained 196.26 points, representing a growth of 0.12 per cent to close at 165,713.82 points. Also, market capitalisation rose by N125 billion to close at N106.088 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including Skyway Aviation Handling Company, SCOA Nigeria, Cadbury Nigeria, Lafarge Africa, and Transnational Corporation (Transcorp).

On market performance, Imperial Asset Managers Limited stated that “today’s session reflects a cautiously improving market tone, supported by rotational interest in mid- and small-cap stocks, while investors remain selective amid ongoing price re-discovery.”

Market breadth was positive, with 34 advancing stocks surpassing 25 declining counters. DEAP Capital Management & Trust and SCOA Nigeria recorded the highest price gain of 9.94 per cent each to close at N8.63 and N28.75, respectively, while Morison Industries followed with a gain of 9.92 per cent to close at N9.09 per share.

R.T. Briscoe went up by 9.89 per cent to close at N7.22, while Veritas Kapital Assurance and Abbey Mortgage Bank went up by 9.86 per cent each to close at N7.80 per share.

On the other hand, Austin Laz & Company led the losers’ chart by 9.96 per cent to close at N4.34, per share. Neimeth International Pharmaceuticals followed with a decline of 9.62 per cent to close at N10.80, while Prestige Assurance declined by 7.37 per cent to close at N1.76, per share.

Africa Prudential depreciated by 6.96 per cent to close at N14.70, while Veritas Kapital Assurance declined by 6.86 per cent to close at N1.90, per share.

Meanwhile, the total volume declined by 19.70 per cent to 483.094 million units, valued at N17.378 billion, and exchanged in 41,499 deals. Transactions in the shares of Chams Holding Company topped the activity chart with 41.572 million shares valued at N210.054 million. Access Holdings followed with 34.353 million shares worth N768.560 million, while Guaranty Trust Holding Company (GTCO) traded 31.556 million shares valued at N3.109 billion.