Market Rebounds By N104bn As 31 Stocks Gain

The Nigerian equities market closed yesterday on a bullish note, with gains in 31 stocks pushing the overall capitalisation higher by N104 billion.

The All-Share Index rose by 0.06 per cent to close at 247,673.65 points. Similarly, the overall market capitalisation value gained N104 billion to close at N160.812 trillion.

The market’s positive performance was driven by price appreciation in large- and medium-capitalised stocks, including Aradel Holdings, Livestock Feeds, eTranzact International, Wema Bank, and Africa Prudential.

Going forward, Cowry Assets Management Limited said the market could maintain its positive trend amid improving investor sentiment, although profit-taking may moderate further gains.

Market sentiment strengthened, with 30 stocks recording gains compared with 16 decliners. Austin Laz and Company recorded the highest price gain of 10 per cent to close at N2.42, per share. eTranzact International followed with a gain of 9.76 per cent to close at N15.75, while Livestock Feeds rose by 9.71 per cent to close at N16.95, per share.

Critical Minerals Financing Corporation (CMFC) up by 9.60 per cent to close at N3.54, while Fortis Global Insurance appreciated by 9.38 per cent to close at N1.75, per share.

On the other hand, UPDC led the losers’ chart by 6.02 per cent to close at N3.90, per share. Regency Alliance Insurance followed with a decline of 4.88 per cent to close at 78 kobo, while Veritas Kapital Assurance down by 3.57 per cent to close at N1.08, per share.

R.T. Briscoe shed 3.14 per cent to close at N9.25, while Chams Holding Company lost 2.78 per cent to close at N3.50, per share.

The total volume traded declined by 20.1 per cent to 314.91 million units, valued at N28.59 billion, and exchanged in 30,956 deals. Transactions in Access Holdings shares topped the activity chart, with 99.366 million shares valued at N2.750 billion. Zenith Bank followed with 17.772 million shares worth N2.273 billion, while Livestock Feeds traded 13.383 million shares valued at N214.165 million.

Guaranty Trust Holding Company (GTCO) traded 12.170 million shares valued at N1.558 billion, while United Bank for Africa (UBA) transacted 11.744 million shares worth N504.704 million.