Stock Market Remains Positive By N166bn

The domestic stock market yesterday sustained the week’s bullish momentum with N166 billion gain, following bargain hunting in Nestle Nigeria and 35 others.

Accordingly, the All Share Index (ASI) gained by 306.41 points, representing a growth of 0.58 per cent to close at 52,927.60 points. Also, market capitalisation gained N166 billion to close at N28.819 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Nigeria, TotalEnergies Marketing Nigeria, Geregu Power and Lafarge Africa.

As measured by market breadth, market sentiment was positive, as 36 stocks gained relative to 17 losers. Nestle Nigeria recorded the highest price gain of 9.98 per cent to close at N1,148.00, per share. Tripple Gee & Company followed with a gain of 9.88 per cent to close at N3.56, while UAC of Nigeria rose by 9.76 per cent to close at N9.00, per share.

University Press went up by 9.76 per cent to close at N2.25, while R.T. Briscoe Nigeria appreciated by 9.68 per cent to close at 34 kobo, per share. On the other hand, Chellaram Plc led the losers’ chart by 9.82 per cent, to close at N1.47, per share. McNichols followed with a decline of 9.59 per cent to close at 66 kobo, while Wapic Insurance declined by 8.70 per cent to close at 42 kobo, per share.

Academy Press depreciated by 7.14 per cent to close at N1.56, while Cutix AIICO declined by 3.23 per cent to close at N2.40, per share.

The total volume traded increased by 29.7 per cent to 455.18 million units, valued at N7.83 billion, and exchanged in 6,635 deals. Transactions in the shares of Access Holdings topped the activity chart with 69.188 million shares valued at N755.725 million. United Bank for Africa (UBA) followed with 66.493 million shares worth N577.777 million, while Zenith Bank traded 37.548 million shares valued at N1.005 billion.