Stock Market Recovers, Gains N440bn

Recovering from prior’s decline, the Nigerian stock market yesterday posted gains as the overall capitalisation rose by N440 billion following price uptick in Presco Plc and 42 others.

The All-Share Index rose by 808.77 per cent, representing a gain of 1.33 per cent, to close at 61,523.57 points. Similarly, the overall market capitalisation value gained N440 billion to close at N33.500 trillion.

The market positive performance was driven by price depreciation in large and medium capitalised stocks which are; Presco, BUA Cement, Conoil, Transcorp Hotel and MTN Nigeria Communications (MTNN).

Analysts at Afrinvest Limited said: ‘tomorrow, we expect the market to extend gains as investors continue to hunt for bargains.’

Also, market breadth returned to positive position, as 43 stocks gained relative to 30 losers. Learn Africa recorded the highest price gain of 9.97 per cent to close at N3.20, per share. Golden Guinea Breweries followed with a gain of 9.95 per cent to close at N2.21 and Chellaram up by 9.77 per cent to close at N1.46, per share.

John Holt appreciated by 9.62 per cent to close at N1.14, while Japaul Gold & Ventures and Omatek Ventures rose by 9.52 per cent each to close at 92 kobo and 46 kobo respectively, per share.

On the other hand, Lasaco Assurance, Mutual Benefits Assurance, NEM Insurance and Secure Electronic Technology led the losers’ chart by 10 per cent each to close at N2.07, 54 kobo, N5.58 and 27 kobo respectively, per share. Wapic Insurance followed with a decline of 9.88 per cent to close at 73 kobo, while Computer Warehouse Group lost 9.74 per cent to close at N1.76, per share. 

The total volume traded decreased by 23.57 per cent to 846.323 million units, valued at N10.306 billion, and exchanged in 9,815 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 89.237 million shares valued at N1.649 billion. Transnational Corporation (Transcorp) followed with 89.233 million shares worth N323.507 million, while Access Holdings traded 85.911 million shares valued at N1.536 billion.

FCMB Group traded 85.031 million shares valued at N477.155 million, while United Bank for Africa (UBA) transacted 57.512 million shares worth N749.766 million.