Bullish Streak Extends As Stock Market Cap Hits N71trn

The Nigerian equities market yesterday extended its bullish run as price uptick in Oando Plc and 30 others pushed the overall capitalization to cross N71 trillion.

The All-Share Index rose by 354.25 per cent, representing a gain of 0.32 per cent, to close at 112,781.73 points. Similarly, the overall market capitalisation value gained N233 billion to close at N71.118 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Oando, PZ Cussons Nigeria, Guaranty Trust Holding Company (GTCO), May & Baker Nigeria and First Holdco.

Investor sentiment, as measured by market breadth, closed positive as 32 stocks gained, while 21 lost. Oando recorded the highest price gain of 10 per cent to close at N51.70, per share.

Royal Exchange followed with a gain of 8.64 per cent to close at 88 kobo, while Legend Internet up by 7.27 per cent to close at N5.90, per share.

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Lasaco Assurance appreciated by 6.67 per cent to close at N3.20, while May & Baker Nigeria gained 6.56 per cent to close at N13.80, per share.

On the other hand, NCR Nigeria led the losers’ chart by 9.89 per cent to close at N5.92, per share. ABC Transports followed with a decline of 9.83 per cent to close at N2.95, while Meyer depreciated by 9.63 per cent to close at N8.45, per share

Academy Press lost 9.58 per cent to close at N4.53, while Livestock Feeds shed 6.77 per cent to close at N8.95, per share.

The total volume traded fell by 1.86 per cent to 611.527 million units, valued at N16.680 billion, and exchanged in 13,682 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 93.467 million shares valued at N1.776 billion. GTCO followed with 87.204 million shares worth N5.952 billion, while Royal Exchange traded 73.079 million shares valued at N64.920 million.

United Bank for Africa (UBA) traded 57.114 million shares valued at N1.980 billion, while Access Holdings transacted 38.760 million shares worth N854.588 million.