Selective Buying Drives Stock Market Higher By N137bn

The Nigerian equities market has continued its upward trajectory, gaining N137 billion, driven by selective buying interest in fundamentally sound stocks.

The All Share Index (ASI) gained by 214.80 points, representing a growth of 0.13 per cent to close at 160,806.56 points. Additionally, market capitalisation increased by N137 billion to close at N102.822 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Presco, Eunisell Interlinked, MeCure Industries, CAP and Fidson Healthcare.

However, market sentiment was bearish with 32 gainers overshadowed by 41 losers. Neimeth International Pharmaceuticals recorded the highest price gain of 10 per cent to close at N7.70, per share. May & Baker Nigeria followed with a gain of 9.85 per cent to close at N26.20, while eTranzact International increased by 9.64 per cent to close at N13.65 per share.

Multiverse Mining & Exploration rose by 9.51 per cent to close at N21.30, while MeCure Industries rose by 9.42 per cent to close at N74.95 per share.

On the other hand, International Energy Insurance led the losers’ chart by 9.90 per cent to close at N2.73, per share. ABC Transport followed with a decline of 9.88 per cent to close at N4.47, while Austin Laz & Company declined by 9.84 per cent to close at N4.58 per share.

Conoil depreciated by 9.72 per cent to close at N169.00, while Veritas Kapital Assurance declined by 9.69 per cent to close at N1.77 per share.

Meanwhile, the total volume traded declined by 54.64 per cent to 645.063 million units, valued at N16.449 billion, and exchanged in 44,410 deals. Transactions in the shares of Chams Holding Company topped the activity chart with 54.128 million shares valued at 211.779 million. Linkage Assurance followed with 53.515 million shares worth N96.524 million, while Tantalizer traded 44.562 million shares valued at N128.574 million.

Secure Electronic Technology traded 29.454 million shares valued at N25.639 million, while Access Holdings sold 22.854 million shares worth N527.960 million.