Bullish Sentiments Prevail As Stock Market Up By N158bn

The Nigerian stock market yesterday closed the last trading day of first quarter (Q1) of 2024 higher by N158 billion on share price appreciation in Julius Berger Nigeria Plc and 38 others.
The All-Share Index (ASI) rose by 278.42 points, representing a gain of 0.27 per cent to close at 104,562.06 points. Also, market capitalisation gained N158 billion to close at N59.121 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Julius Berger Nigeria, PZ Cussons Nigeria, MTN Nigeria Communications (MTNN), Nigerian Breweries and Lafarge Africa.

As measured by market breadth, market sentiment closed positive, as 39 stocks gained relative to 16 losers. Morison Industries emerged the highest price gainer of 10 per cent to close at N1.76, per share. Ikeja Hotel followed with a gain of 9.91 per cent to close at N6.43, while Julius Berger advanced by 9.73 per cent to close at N66.00, per share.
Omatek Ventures appreciated by 9.72 per cent to close at 79 kobo, while UPDC Real Estate Investment Trust rose by 9.57 per cent to close at N5.15, per share.

On the other side, FTN Cocoa Processors led others on the losers’ chart with 9.60 per cent to close at N1.60, per share. Associated Bus Company followed with a decline of 9.41 per cent to close at 77 kobo, while Guinea Insurance shed 7.89 per cent to close at 35 kobo, per share.
Nigerian Exchange Group lost 6.75 per cent to close at N21.40, while Chams Holding Company depreciated by 6.34 per cent to close at N1.92, per share.

Also, the total volume traded increased by 24.69 per cent to 623.075 million units, valued at N16.955 billion, and exchanged in 10,257 deals.

Transactions in the shares of Zenith Bank led the activity with 88.355 million shares worth N3.887 billion. Guaranty Trust Holding Company (GTCO) followed with an account of 78.676 million shares valued at N4.115 billion, while Access Holdings traded 56.743 million shares valued at N1.392 billion.

United Bank for Africa traded 54.938 million shares worth N1.539 billion, while Fidelity Bank traded 50.780 million shares worth N504.234 million