Stock Market Gains N1.424trn In Daily Trade, As Capitalisation Hits N111.6trn

The Nigerian Exchange Limited (NGX) recorded a robust N1.424 trillion gain in market capitalisation on Monday, pushing the total value of listed equities to N111.659 trillion

The stock market yesterday opened the second week of February on a strong positive note, extending its bullish run to a sixth consecutive trading session as total market capitalisation crossed the N111 trillion mark.

The All-Share Index (ASI) advanced by 2,218.73 points, or 1.29 per cent, to close at 173,946.22 points. Consequently, market capitalisation rose by N1.424 trillion to settle at N111.659 trillion.

The rally was driven by renewed buying interest in medium and large capitalised stocks, including Dangote Cement, Aradel Holdings, Nigerian Aviation Handling Company (NAHCO), Skyway Aviation Handling Company and Chemical and Allied Products (CAP).

Commenting on the outlook, United Capital Plc said the equity market is expected to remain positive but selective, with sustained interest in Oil and Gas, Industrial stocks, ICT, Banking and Breweries.

However, the firm noted that weaker sentiment may persist in Consumer Goods and Insurance stocks, while profit-taking after recent gains could temper further upside momentum.

Market breadth was strongly bullish, with 58 advancing stocks surpassing 23 declining counters. CAP, Daar Communication and May & Baker Nigeria recorded the highest price gain of 10 per cent each to close at N90.20, N2.09 and N43.45 respectively, per share.

R.T. Briscoe (Nigeria) followed with a gain of 9.98 per cent to close at N13.89, while Zichis Agro Allied Industry, NAHCO, DEAP Capital Management & Trust up by 9.97 per cent each to close at N7.39, N150.00 and N7.50 respectively, per share.

On the other hand, Eunisell Interlinked led the losers’ chart by 9.98 per cent to close at N134.85, per share. Tripple Gee & Company followed with a decline of 8.90 per cent to close at N6.65, while Abbey Mortgage Bank declined by 8.03 per cent to close at N13.75, per share.

Austin Laz & Company depreciated by 7.41 per cent to close at N5.00, while Haldane McCall declined by 6.56 per cent to close at N3.99, per share.

Meanwhile, the total volume traded declined by 18.72 per cent to 775.177 million units, valued at N27.916 billion, and exchanged in 65,960 deals. Transactions in the shares of Access Holdings topped the activity chart with 67.144 million shares valued at N1.547 billion. Zenith Bank followed with 46.242 million shares worth N3.432 billion, while Secure Electronic Technology traded 43.943 million shares valued at N47.868 million.

Veritas Kapital Assurance traded 39.373 million shares valued at N91.609 million, while Mutual Benefits Assurance sold 33.893 million shares worth N145.669 million.