Equities Open Trading Week Positive As Market Cap Hits N80trn

The Nigerian equities market yesterday opened the week on a bullish note as overall capitalisation traded above N80 trillion.

The All Share Index (ASI) gained by 539.59 points, representing a growth of 0.43 per cent to close at 126,689.54 points. Accordingly, market capitalisation rose by N341 billion to close at N80.144 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Stanbic IBTC Holdings, Dangote Cement, BUA Cement and CAP.

Looking ahead, Coronation Merchant Bank said, “market participants are likely to adopt a more cautious stance as they await the June CPI print. Nonetheless, we anticipate that the submission of Capital Restoration Plans and quarterly disclosures on performance and compliance metrics, as mandated by the CBN, will further strengthen investor confidence in the banking sector.

“Overall, investor positioning is generally expected to intensify across the board ahead of the start of the half-year earnings season.”

Market breadth was positive, with 45 gainers outpacing 36 losers, reinforcing the bullish tone across sectors. Secure Electronic Technology recorded the highest price gain of 10 per cent to close at N1.10, per share. Abbey Mortgage Bank followed with a gain of 9.99 per cent to close at N7.60, while Ikeja Hotel rose by 9.95 per cent to close at N22.10, per share.

NcNichols went up by 9.92 per cent to close at N4.32, while Tripple Gee & Company appreciated by 9.78 per cent to close at N3.93, per share. On the other hand, Cutix, RT Briscoe (Nigeria), Tantalizers and Caverton Offshore Support Group led the losers’ chart by 10 per cent each to close at N4.14, N3.96, N2.70 and N7.20 respectively, per share

Neimeth International Pharmaceuticals followed with a decline of 9.95 per cent to close at N8.24, while Ellah Lakes declined by 9.90 per cent to close at N11.38, per share.

However, the total volume traded declined by 7.39 per cent to 1.287 billion units, valued at N32.306 billion, and exchanged in 39,431 deals. Transactions in the shares of Access Holdings topped the activity chart with 138.031 million shares valued at N3.502 billion. Japaul Gold & Venture followed with 93.370 million shares worth N292.930 million, while AIICO Insurance traded 93.356 million shares valued at N220.549 million.

United Bank for Africa (UBA) traded 68.791 million shares valued at N3.055 billion, while Jaiz Bank sold 59.651 million shares worth N231.089 million.