Bullish Momentum Continues As Stock Market Gains N167bn

The domestic equities market yesterday extended its positive run to a third trade session as gains in Lafarge Africa Plc and 38 others as well as value support from newly listed Haldane McCall Plc lifted the overall capitalisation by N167 billion.

Accordingly, the All Share Index (ASI) gained by 255.17 points, representing a growth of 0.26 per cent to close at 98,227.50 points. Also, market capitalisation gained N167 billion to close at N59.534 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Unilever Nigeria, Dangote Sugar Refinery, UAC of Nigeria (UACN) and Cadbury Nigeria.

Also, investor sentiment, as measured by market breadth, improved as 39 stocks advanced, while 28 declined. Austin Laz & Company and Tantalizer recorded the highest price gain of 10 per cent each to close at N2.20 and 99 kobo respectively, Lafarge Africa followed with a gain of 9.98 per cent to close at N55.65, per share.

Honeywell Flour Mills appreciated by 9.95 per cent to close at N4.53, while Eunisell Interlinked up by 9.94 per cent to close at N15.93, per share.

On the other hand, Northern Nigeria Flour Mills (NNFM) and R.T. Briscoe Nigeria led the losers’ chart by 10 per cent each to close at N33.75 and N2.61 respectively, while Multiverse Mining and Exploration followed with a decline of 9.43 per cent to close at N7.20, per share.

DAAR Communication depreciated by 7.46 per cent to close at 62 kobo, while McNichols declined by 5.41 per cent to close at N1.40, per share.

However, the total volume traded increased by 10.95 per cent to 370.518 million units, valued at N8.449 billion, and exchanged in 10,026 deals. Transactions in the shares of Haldane McCall topped the activity chart with 39.598 million shares valued at N167.104 million. Access Holdings followed with 22.986 million shares worth N547.229 million, while United Bank for Africa (UBA) traded 22.450 million shares valued at N752.189 million.

Lafarge Africa traded 19.063 million shares valued at N1.061 billion, while Guinea Insurance sold 16.199 million shares worth N8.272 million.