The Nigerian equities market yesterday resumed from the Sallah holidays to a positive performance as the market capitalisation rose above N20trillion.
Market analysts said the price appreciation was buoyed by buy-interest in all the major market sectors, save for the insurance sector.
In summary, the All-Share Index (ASI) increased by 632.87 absolute points, representing an increase of 1.67 per cent, to close at 38,585.52 points. Similarly, the overall market capitalisation value rose by N330 billion, to close at N20.104 trillion.
The positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Total Nigeria, Cutix, Vitafoam Nigeria and Oando.
Analysts at Afrinvest Limited said: “We expect the market to extend the positive performance to the last trading session of the week, driven by positive earnings released by companies.”
The market breadth closed positive as 22 stocks gained, relative to 12 losers. Total Nigeria recorded the highest price gain of 10 per cent to close at N184.80, per share. Cutix followed with a gain 9.77 per cent to close at N4.38 while Oando appreciated by 9.73 per cent to close at N3.61, per share.
Dangote Cement rose by 7.83 per cent to close at N248.00, while Courteville Business Solutions gained 4.55 per cent to close at 23 kobo, per share.
On the other hand, AIICO Insurance led the losers’ chart by 8.70 per cent to close at N1.05, per share. Sovereign Trust Insurance followed with a decline of 6.45 per cent to close at 29 kobo, while Veritas Kapital Assurance lost four per cent to close at 24 kobo, per share.
Livestock Feeds lost 3.55 per cent to close at N1.90, while Ardova shed 3.23 per cent to close at N15.00, per share.
Meanwhile, the total volume of trade fell by 58.3 per cent to 203.111 million units, valued at N1.724 billion and exchanged in 3,969 deals. Transactions in the shares of Sterling Bank topped the activity chart with 22.487 million shares valued at N33.803 million. United Capital followed with 16.901 million shares worth N115.108 million while Fidelity Bank traded 14.062 million shares valued at N33.688 million.
Wema Bank traded 13.960 million shares valued at N12.244 million while Guaranty Trust Holding Company (GTCO) transacted 13.301 million shares worth N392.122 million.