Stock Market Maintains Bullish Streak, Gains N187bn

The Nigerian stock market ended yesterday trading session on a bullish note by N187 billion gain, reflecting renewed investor confidence.

The All Share Index (ASI) gained by 296.72 points, representing a growth of 0.27 per cent to close at 109,059.33 points. Also, market capitalisation gained N187 billion to close at N68.544 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Northern Nigeria Flour Mills (NNFM), Oando, Stanbic IBTC Holdings, Industrial and Medical Gases Nigeria and May & Baker Nigeria.

Market breadth was strong, with 34 gainers outpacing 25 losers, underscoring bullish sentiment. McNichols and NNFM recorded the highest price gain of 10 per cent each to close at N1.76 and N99.55 respectively, while Champion Breweries followed with a gain of 9.91 per cent to close at N6.10, per share.

Caverton Offshore Support Group’s shares increased by 9.78 per cent to close at N4.04, while FTN Cocoa processors  up by 9.65 per cent to close at N2.50, per share.

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On the other hand, Multiverse Mining & Exploration led the losers’ chart by 9.63 per cent to close at N9.85, per share. Legend Internet followed with a decline of 5.41 per cent to close at N8.40, while Veritas Kapital Assurance declined by 4.76 per cent to close at N1.00, per share.

Transnational Corporation (Transcorp) depreciated by 4.65 per cent to close at N44.10, while Ikeja Hotels declined by 3.75 per cent to close at N12.85, per share.

Meanwhile, the total volume rose by 6.58 per cent to 531.287 million units, valued at N19.808 billion, and exchanged in 14,870 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 53.275 million shares valued at N3.676 billion. Access Holdings followed with 51.902 million shares worth N1.107 billion, while Fidelity Bank traded 40.550 million shares valued at N834.827 million.

Nigerian Breweries traded 35.757 million shares valued at N1.938 billion, while Zenith Bank sold 27.352 million shares worth N1.320 billion.