Stock Market Halts Negative Trend With N11bn Gain

The local stock market yesterday saw a midweek reversal, as buy interest in Okomu Oil Plc and 32 others pushed the overall capitalisation up by N11 billion.

The All-Share Index (ASI) gained by 17.20 points, representing a growth of 0.02 per cent to close at 107,798.99 points. Accordingly, market capitalisation rose by N11 billion to close at N67.179 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Africa Prudential, Eterna, Nigerian Breweries and United Capital.

On market outlook, Afrinvest Limited stated that “in the next trading session, we expect the positive performance to be sustained due to improved investor sentiment.”

Investor sentiment, as measured by market breadth, closed positive as 34 stocks advanced, while 16 declined. Africa Prudential recorded the highest price gain of 9.90 per cent to close at N33.10, per share. Caverton Offshore Support Group followed with a gain of 9.87 per cent to close at N2.45, while Omatek Ventures rose by 8.22 per cent to close at 79 kobo, per share.

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Lasaco Assurance went up by 6.92 per cent to close at N3.09, while Eterna appreciated by 6.60 per cent to close at N42.00, per share. On the other hand, Guinea Insurance led the losers’ chart by 10 per cent, to close at 72 kobo, per share. Eunisell Interlinked followed with a decline of 9.68 per cent to close at N9.80, while The Initiates Plc declined by 8.02 per cent to close at N3.67, per share.

Oando depreciated by 7.69 per cent to close at N48.00 and Union Dicon Salt declined by 7.50 per cent to close at N5.55, per share.

However, the total volume traded dipped by 32.4 per cent to 245.517 million units, valued at N8.415 billion, and exchanged in 10,098 deals. Transactions in the shares of Access Holdings led the activity with 36.551 million shares worth N937.926 million. Zenith Bank followed with 26.786 million shares valued at N1.286 billion, while Sterling Financial Holdings Company traded 11.249 million shares valued at N62.301 million.

Jaiz Bank traded 10.875 million shares worth N36.110 million, while AIICO Insurance traded 10.786 million shares worth N17.942 million.