Stock Market Momentum Persists, Gains N467bn

The local stock market concluded yesterday’s session on a positive trajectory, with the overall capitalisation increasing by N467 billion.

The All Share Index (ASI) rose by 770.56 points, representing an increase of 0.77 per cent to close at 101,248.02 points. Also, market capitalisation gained N467 billion to close at N61.375 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Aradel Holdings, MRS Oil Nigeria, Presco, Nestle Nigeria and Transcorp Hotels.

Investor sentiment, as measured by market breadth, improved as 47 stocks advanced, while 17 declined. Honeywell Flour Mills, UACN and Aradel Holdings recorded the highest price gain of 10 per cent each to close at N5.50, N27.50 and N730.40 respectively, per share.

MRS Oil Nigeria and Nigerian Aviation Handling Company (NAHCO) followed with a gain of 9.96 per cent each to close at N175.60 and N41.95 respectively, while Eterna rose by 9.88 per cent to close at N27.25, per share.

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On the other hand, Tantalizers led the losers’ chart by 9.77 per cent, to close at N1.57, per share. Multiverse Mining & Exploration followed with a decline of 9.73 per cent to close at N5.10, while John Holt declined by 9.68 per cent to close at N5.88, per share.

Caverton Offshore Support Group depreciated by 7.76 per cent to close at N2.26, while Omatek Ventures declined by 7.35 per cent to close at 63 kobo, per share.

Also, the total volume traded increased by 5.56 per cent to 411.374 million units, valued at N26.304 billion, and exchanged in 10,260 deals. Transactions in the shares of Universal Insurance topped the activity chart with 38.231 million shares valued at N14.847 million. AIICO Insurance followed with 20.983 million shares worth N31.185 million, while Guaranty Trust Holding Company (GTCO) traded 20.407 million shares valued at N1.082 billion.

United Bank for Africa (UBA) traded 18.617 million shares valued at N622.962 million, while Prestige Assurance sold 15.553 million shares worth N12.607 billion.