Bulls Sustain Dominance On Stock Market With N389bn Gain

The Nigerian stock market yesterday closed on a bullish note with a gain of N389 billion, demonstrating sustained investor optimism in market fundamentals.

The All Share Index (ASI) gained by 612.81 points, representing a growth of 0.41 per cent to close at 148,355.04 points. Also, market capitalisation gained N389 billion to close at N 94.165 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Aradel Holdings, Lafarge Africa and PZ Cussons Nigeria.

On market outlook, Afrinvest Limited stated that “we anticipate the market will extend its fifteen-day gaining streak tomorrow, as the recent trend of sustained disinflation continues to bolster investor sentiment and support upward revaluation of equities.”

Market sentiment closed positive, with 30 gainers outpacing 25 decliners.

Secure Electronic Technology recorded the highest price gain of 7.06 per cent to close at N91 kobo, per share. Sterling Financial Holdings Company followed with a gain of 6.49 per cent to close at N8.20, while Livestock Feeds up by 5.33 per cent to close at N7.90, per share.

The Initiates Plc (TIP) increased by 5.18 per cent to close at N14.00, while May & Baker Nigeria up by 4.99 per cent to close at N17.90, per share.

On the other hand, SUNU Assurance led the losers’ chart by 9.71 per cent to close at N5.21, per share. Haldane McCall followed with a decline of 7.53 per cent to close at N4.05, while DAAR Communications declined by 6.36 per cent to close at N1.03, per share.

Sovereign Trust Insurance depreciated by 6.05 per cent to close at N3.26, while Custodian Investment declined by 4.55 per cent to close at N42.00, per share.

Also, the total volume traded increased by 11.13 per cent to 432.431 million units, valued at N16.910 billion, and exchanged in 23,665 deals. Transactions in the shares of Consolidated Hallmark Holdings topped the activity chart with 40.952 million shares valued at N196.585 million. Access Holdings followed with 40.343 million shares worth N1.042 billion, while Guaranty Trust Holding Company (GTCO) traded 27.567 million shares valued at N2.577 billion.

Zenith Bank traded 25.048 million shares valued at N1.706 million, while Tantalizers sold 22.234 million shares worth N51.096 million.