Market Swings Back To Positive As Equities Gain N232bn

The Nigerian equities market yesterday rose by N232 billion to reverse the previous day’s decline, closing higher, amid renewed buying interest across the spectrum.

The All Share Index (ASI) gained by 362.93 points, representing a growth of 0.22 per cent to close at 165,527.31 points. Also, market capitalisation appreciated by N232 billion to close at N105.969 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; SCOA Nigeria, NEM Insurance, First HoldCo, Berger Paints Nigeria and Unilever Nigeria.

On market performance, Imperial Asset Managers Limited said, “Overall, today’s session reflects a cautiously improving market tone, supported by rotational interest in mid- and small-cap stocks, while investors remain selective amid ongoing price rediscovery.”

Analysts at Futureview Group noted that “we expect investors to trade cautiously, focusing on fundamentally strong stocks with attractive valuations.”

Reflecting the renewed buying stance, market sentiment closed positive, with 41 gainers surpassing 27 losers. R.T. Briscoe recorded the highest price gain of 10 per cent, closing at N7.15, while SCOA Nigeria and DEAP Capital Management & Trust followed with gains of 9.91 per cent each, closing at N31.60 and N10.43, respectively.

Veritas Kapital Assurance rose by 9.85 per cent to close at N2.23, while Zichis Agro-Allied Industries rose by 9.80 per cent to close at N3.81 per share.

On the other hand, Haldane McCall led the losers’ chart by 9.84 per cent to close at N3.94, per share. Union Dicon Salt followed with a decline of 9.79 per cent to close at 8.75, while University Press declined by 8.00 per cent to close at N5.75, per share.

Legend Internet depreciated by 7.56 per cent to close at N5.50, while Austin Laz & Company declined by 7.50 per cent to close at N3.70 per share.

Also, the total volume traded rose by 10.95 per cent to 691.147 million units, valued at N15.371 billion, and exchanged in 38,665 deals. Transactions in Cutix shares topped the activity chart, with 144.620 million shares valued at N464.855 million. Veritas Kapital Assurance followed with 56.605 million shares worth N124.301 million, while Guaranty Trust Holding Company (GTCO) traded 26.032 million shares valued at N2.573 billion.