Stock Market Gains N792bn As Cap Crosses N64trn

The Nigerian equities yesterday posted its largest daily gain since the year began as it gained N792 billion, buoyed by buy interest in Presco Plc and 33 others.

As a result, the All-Share Index (ASI) gained 1,300.01 points, representing a gain of 1.25 per cent to close at 105,530.74 points. Also, market capitalisation rose by N792 billion to close at N64.351 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Presco, MTN Nigeria Communications (MTNN), Transcorp Hotels, Ecobank Transnational Incorporated (ETI) and Transnational Corporation (Transcorp)

As measured by market breadth, market sentiment was positive, as 34 stocks gained relative to 25 losers. MTNN emerged the highest price gainer of 10 per cent to close at N242.00, per share. Honeywell Flour Mills followed with a gain of 9.89 per cent to close at N9.11, while Universal Insurance advanced by 9.86 per cent to close at 78 kobo, per share.

Transcorp Hotel gained 9.78 per cent to close at N127.35, while Ikeja Hotel up by 9.31 per cent to close at N13.50, per share. On the other side, RT Briscoe Nigeria led others on the losers’ chart with 10 per cent to close at N2.34, per share. SUNU Assurance followed with a decline of 9.99 per cent to close at N8.11, while The Initiates Plc (TIP) shed 9.68 per cent to close at N2.52, per share.

UPDC lost 9.50 per cent to close at N1.81, while Guinea Insurance depreciated by 8.08 per cent to close at 91 kobo, per share.

The total volume traded declined by 35.28 per cent to 489.525 million units, valued at N13.069 billion, and exchanged in 13,010 deals. Transactions in the shares of Universal Insurance led the activity with 97.240 million shares worth N72.169 million. AIICO Insurance followed with 54.235 million shares valued at N104.178 million, while Sovereign Trust Insurance traded 24.991 million shares valued at N37.643 million.