Stock Market Hits 5-week High, Up By N259bn

The domestic stock market yesterday closed at a new five-week high as gains in Seplat Energy Plc and 31 others pushed the overall capitalisation by N259 billion.

The All-Share Index rose by 457.99 per cent, representing a gain of 0.46 per cent, to close at 99,276.03 points. Similarly, the overall market capitalisation value gained N259 billion to close at N56.159 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Chemical and Allied Products (CAP), Eterna, Guaranty Trust Holding Company (GTCO) and NEM Insurance.

Market breadth closed positive, as 32 stocks gained relative to 12 losers. International Energy Insurance and Seplat Energy recorded the highest price gain of 10 per cent each to close at N1.54 and N3,410.00 respectively, while Eterna followed with a gain of 9.87 per cent to close at N12.25, per share.

Consolidated Hallmark Holdings appreciated by 9.84 per cent to close at N1.34, while Japaul Gold & Ventures rose by 9.73 per cent to close at N2.03, per share.

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On the other hand, Cornerstone Insurance led the losers’ chart by 8.81 per cent to close at N1.76, per share. International Breweries followed with a decline of 8.75 per cent to close at N3.65, while Prestige Assurance lost 8.47 per cent to close at 54 kobo, per share.

Universal Insurance shed 5.71 per cent to close at 33 kobo, while Sterling Financial Holdings Company lost 4.05 per cent to close at N4.03, per share.

Also, the total volume of trade decreased by 40.32 per cent to 309.714 million units, valued at N5.436 billion, and exchanged in 7,035 deals. Transactions in the shares of Access Holdings topped the activity chart with 51.777 million shares valued at N890.330 million. Zenith Bank followed with 39.227 million shares worth N1.306 billion, while Universal Insurance traded 21.187 million shares valued at N7.276 million.

FCMB Group traded 20.886 million shares valued at N161.982 million, while Fidelity Bank transacted 19.121 million shares worth N187.293 million.