Stock Market Trades Above N84trn

The Nigerian stock market yesterday continued its upward trend, with market capitalization expanding above N84 trillion.

The All Share Index (ASI) gained by 642.57 points, representing a growth of 0.48 per cent to close at 133,200.00 points. Similarly, market capitalisation rose by N407 billion to close at N84.263 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Presco, Okomu Oil, Guinness Nigeria, Oando and Nigerian Exchange Group.

On market outlook, analysts at Afrinvest Limited said, “we expect the positive sentiment to be sustained, inspired by the upbeat earnings releases thus far.”

As measured by market breadth, market sentiment was positive as 46 stocks gained relative to 33 losers. Academy Press, FTN Cocoa processors and Sovereign Trust Insurance recorded the highest price gain of 10 per cent each to close at N8.47, N6.60 and N1.43 respectively, per share.

R.T. Briscoe Nigeria, Guinness Nigeria and The Initiates Plc (TIP) followed with a gain of 9.97 per cent each to close at N3.75, N106.45 and N14.67, while Oando rose by 9.96 per cent to close at N57.40, per share.

On the other hand, ABC Transport, John Holt and Union Dicon Salt led the losers’ chart by 10 per cent each to close at N4.59, N8.10 and N9.00 respectively, per share.

Industrial and Medical Gases Nigeria followed with a decline of 9.89 per cent to close at N38.25, while Secure Electronic Technology declined by 9.71 per cent to close at 93 kobo, per share.

The total volume traded advanced by 20.1 per cent to 818.387 million units, valued at N22.665 billion, and exchanged in 22,955 deals. Transactions in the shares of Japaul Gold & Venture topped the activity chart with 83.790 million shares valued at N231.761 million. United Bank for Africa (UBA) followed with 73.088 million shares worth N3.406 billion, while Access Holdings traded 65.002 million shares valued at N1.852 billion.