Stock Market Closes Strong As Investors Gain N2.09trn

The Nigerian equities market closed on a strongly bullish note, as investors’ investments rose by N2.093 trillion.

The market has now sustained a positive run for 13 consecutive sessions, reflecting persistent buying interest. Accordingly, the All-Share Index (ASI) gained by 3,250.76 points, representing a growth of 1.48 per cent to close at 222,837.68 points. Also, market capitalisation gained N2.093 trillion to close at N143.477 trillion.

The upturn was driven by gains in medium- and large-capitalised stocks, including BUA Foods, Dangote Cement, NASCON Allied Industries, UACN and Unilever Nigeria.

Heading into Friday’s session, Cowry Assets Management Limited said, “the market is expected to maintain its bullish bias as investors continue to position ahead of anticipated full year dividend payments, which typically drive accumulation activity around this period.”

However, market breadth closed negative, as 34 decliners outpaced 31 advancers. UACN and Unilever Nigeria recorded the highest price gain of 10 per cent each to close at N133.10 and N121.00 respectively, while Trans-Nationwide Express appreciated by 9.97 per cent to close at N8.71, per share.

Tantalizer went up by 9.80 per cent to close at N3.81, while Dangote Sugar Refinery appreciated by 9.78 per cent to close at N73.50 per share.

On the other hand, McNichols led the losers’ chart by 9.93 per cent, to close at N6.44, per share. Multiverse Mining & Exploration followed with a decline of 9.85 per cent to close at N23.35, while Wapic Insurance declined by 9.26 per cent to close at N2.45, per share.

Abbey Mortgage Bank depreciated by 9.24 per cent to close at N5.40, while Japaul Gold & Ventures declined by 5.94 per cent to close at N3.01, per share.

The total volume traded declined by 2.30 per cent to 667.937 million units, valued at N38.124 billion, and exchanged in 53,062 deals. Transactions in the shares of Access Holdings topped the activity chart with 39.514 million shares valued at N1.250 billion. United Bank for Africa (UBA) followed with 37.539 million shares worth N2.021 billion, while Zenith Bank traded 36.341 million shares valued at N4.836 billion.

Fidelity Bank traded 32.127 million shares valued at N700.759 million, while Guaranty Trust Holding Company sold 27.614 million shares worth N3.634 billion.