Stock Market Stays Upbeat, Gains N98bn

The Nigerian stock market yesterday sustained the bullish trend, with the overall capitalization increasing by N98 billion.

The All Share Index (ASI) gained by 158.05 points, representing a growth of 0.15 per cent to close at 104,788.35 points. Also, market capitalisation rose by N98 billion to close at N64.890 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Beta Glass, Northern Nigeria Flour Mills (NNFM), MTN Nigeria Communications (MTNN) and Nigerian Exchange Group.

On market performance, Afrinvest Limited said “we anticipate a sustained bullish trend in the upcoming trading session, bolstered by strengthened investor confidence in anticipation of a more impressive full year, 2024 earnings releases.”

Investor sentiment, as measured by market breadth, closed positive, as 38 stocks advanced, while 23 declined. Red Star Express and Universal Insurance recorded the highest price gain of 10 per cent each to close at N5.50 and 66 kobo, per share.

NNFM and Beta Glass followed with a gain of 9.98 per cent each to close at N73.30 and N86.50 respectively, while Chellaram rose by 9.89 per cent to close at N7.89, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.55 per cent to close at N9.95, per share. NEM Insurance followed with a decline of 6.59 per cent to close at N12.05, while SUNU Assurance declined by 6.14 per cent to close at N5.35, per share.

Consolidated Hallmark Holdings depreciated by 5.97 per cent to close at N3.15, while Royal Exchange declined by 3.03 per cent to close at 96 kobo, per share.

Also, the total volume traded fell by 7.6 per cent to 471.708 million units, valued at N19.890 billion, and exchanged in 14,600 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 83.079 million shares valued at N2.425 billion. Zenith Bank followed with 29.523 million shares worth N1.453 billion, while Universal Insurance traded 24.208 million shares valued at N15.768 million.

UAC of Nigeria (UACN) traded 21.225 million shares valued at N702.760 million, while Guaranty Trust Holdings Company (GTCO) sold 20.215 million shares worth N1.237 billion.