Gains In 20 Stocks Push Market Up By N160bn

The Nigerian equities market kicked off the week on a bullish note, as gains in Nestle Nigeria and 19 others drove the overall capitalization higher by N160 billion.

The All-Share Index (ASI) gained by 246.50 points, representing a growth of 0.10 per cent to close at 243,299.24 points. Accordingly, market capitalisation rose by N160 billion to close at N157.747 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Nigerian Exchange Group, First Holdco, Custodian Investment and Dangote Sugar Refinery.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to tread cautiously as investors maintain mixed interests across sector indices following the commencement of Dangote Refinery IPO.”

Investor sentiment was negative as 28 losers outpaced 19 gainers. Royal Exchange and Nigerian Exchange Group recorded the highest price gain of 10 per cent each to close at 99 kobo and N162.80 respectively, while RT Briscoe followed with a gain of 9.88 per cent to close at N8.90, per share.

Secure Electronic Technology went up by 7.69 per cent to close at 70 kobo, while Prestige Assurance appreciated by 7.19 per cent to close at N1.49, per share.

On the other hand, John Holts led the losers’ chart by 10 per cent, to close at N8.10, while Daar Communications and Ellah Lakes followed with a decline of 9.80 per cent each to close at N1.38 and N9.20 respectively, per share.

Regency Alliance Insurance depreciated by 8.97 per cent to close at 71 kobo and Learn Africa declined by 8.67 per cent to close at N7.90, per share.

The total volume traded declined by 22.4 per cent to 428.97 million units, valued at N20.52 billion, and exchanged in 54,592 deals. Transactions in the shares of Japaul Sterling Financial Holding Company topped the activity chart with 78.053 million shares valued at N588.867 million. Mutual Benefits Assurance followed with 42.107 million shares worth N118.137 million, while Chams Holding Company traded 28.501 million shares valued at N98.415 million.

Fidelity Bank traded 25.844 million shares valued at N497.822 million, while Access Holdings sold 21.580 million shares worth N613.811 million.