The Nigerian stock market, yesterday, started the week positively, with a gain of N273 billion due to strong corporate earnings and increased interest in Airtel Africa Plc and 27 others.
The All Share Index (ASI) rose by 499.95 absolute points, representing a gain of 0.95 per cent to close at 53,157.83 points. Accordingly, investors gained N273 billion in value as market capitalisation went up to N28.954 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Geregu Power, Nigerian Aviation Handling Company (NAHCO), Cadbury Nigeria and Guaranty Trust Holding Company (GTCO).
On market outlook, United Capital Plc said: “so far, the market has defied expectations by maintaining strength despite signs of overstretching.
“Over the medium term, we retain our positive outlook for Nigerian equities, supported by depressed yields in the money market space. However, we express caution that in the coming days, significant profit taking activities could see the market witness a pull back.”
Also, market breadth closed positive as 28 stocks posted gains while 15 declined. John Holt and Geregu Power recorded the highest price gain of 10 per cent each to close at N1.21 and N176.00 respectively, while NAHCO followed with a gain 9.62 per cent to close at N8.55, per share.
International Energy Insurance went up by 9.52 per cent to close at 69 kobo, while May & Baker Nigeria appreciated by 8.26 per cent to close at N4.85, per share.
On the other hand, Wapic Insurance led the losers’ chart by 8.89 per cent to close at 41 kobo, per share. Tripple Gee & Company followed with a decline of 8.57 per cent to close at 96 kobo, while Royal Exchange went down by 7.14 to close at 78 kobo, per share.
Honeywell Flour Mills lost 6.44 per cent to close at N2.18, while UACN Property Development Company Plc (UPDC) shed 5.94 per cent to close at 95 kobo, per share.
The total volume traded increased by 17.68 per cent to 201.359 million shares, worth N5.666 billion, and traded in 4,332 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 36.763 million shares valued at N924.143 million. GTCO followed with 23.345 million shares worth N578.782 million, while Transnational Corporation of Nigeria (Transcorp) traded 17.123 million shares valued at N20.553 million.
United Bank for Africa (UBA) traded 11.451 million shares valued at N93.996 million, while Geregu Power transacted 11.123 million shares worth N1.792 billion.
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