Equities Market Turns Bullish With N93bn Gain

The Nigerian equities market yesterday regained positive momentum, with the overall market capitalisation rising by N93 billion.

The All Share Index (ASI) gained by 144.33 points, representing a growth of 0.09 per cent to close at 166,256.83 points. Also, market capitalisation gained N93 billion to close at N106.436 trillion.

The Nigerian Exchange listed 1.1 billion unit ordinary shares of Zichis Agro Allied Industries at N1.81 per share yesterday. The listing increased NGX market capitalisation by N1.96 billion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Aradel Holdings, NCR Nigeria, Skyway Aviation Handling Company, MeCure Industries and Vitafoam Nigeria.

On market outlook, Imperial Asset Managers Limited said, “near-term market sentiment is expected to remain cautiously optimistic, supported by early-year momentum and sustained interest in liquid, fundamentally strong stocks.

“However, the concentration of gains in select names, alongside intermittent profit-taking in banking and high-beta stocks, suggests that upside potential may remain stock- and sector specific, with investors likely to rotate positions as earnings expectations and valuation considerations increasingly shape market direction.”

Investor sentiment closed positive, with 39 gainers outpacing 25 losers. DEAP Capital Management & Trust, NPF Microfinance Bank and Red Star Express recorded the highest price gains of 10 per cent each, closing at N5.39, N4.73 and N15.95 per share, respectively.

Morison Industries and NCR Nigeria followed with a gain of 9.97 per cent each to close at N6.84 and N155.50 respectively, while Zichis Agro-Allied Industries rose by 9.94 per cent to close at N1.99 per share.

On the other hand, Aluminium Extrusion Industries led the losers’ chart by 9.95 per cent to close at N17.20 per share. Jaiz Bank followed with a decline of 9.88 per cent to close at N7.21, while FTN Cocoa Processors declined by 8.44 per cent to close at N7.05, per share.

UPDC depreciated by 8.06 per cent to close at N5.70, while Caverton Offshore Support Group declined by 5.59 per cent to close at N7.60 per share.

Also, the total volume traded rose by 26.34 per cent to 795.459 million units, valued at N19.976 billion, and exchanged in 45,410 deals. Transactions in Tantalizer shares topped the activity chart, with 86.961 million shares valued at N300.924 million. Secure Electronic Technology followed with 74.154 million shares worth N87.559 million, while Zichis Agro-Allied Industries traded 69.600 million shares valued at N138.504 million.

Zenith Bank traded 49.102 million shares valued at N3.535 billion, while Guaranty Trust Holding Company (GTCO) sold 39.054 million shares worth N3.791 billion.