Stocks, Investors Gain N69bn In Midweek Trading

The Nigerian equities market extended its bullish trajectory midweek, with a gain of N69 billion.

The All Share Index (ASI) gained by 105.70 points, representing a growth of 0.08 per cent to close at 132,557.43 points. Accordingly, market capitalisation rose by N69 billion to close at N83.856 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Nigerian Aviation Handling Company (NAHCO), Dangote Sugar Refinery, Nigerian Enamelware and Aradel Holdings.

On market outlook, Afrinvest Limited said, ” barring any major catalyst, we expect a bearish outing on the bourse tomorrow, driven by downbeat investor sentiment.”

Investor sentiment, as measured by market breadth, closed negative as 29 stocks advanced, while 37 declined. Academy Press recorded the highest price gain of 10 per cent to close at N7.70, per share.

The Initiates Plc (TIP) followed with a gain of 9.98 per cent to close at N13.34, while Ikeja Hotel rose by 9.95 per cent to close at N21.00, per share.

Nigerian Enamelware went up by 9.84 per cent to close at N24.55, while NAHCO appreciated by 9.65 per cent to close at N117.00, per share. On the other hand, Austin Laz & Company led the losers’ chart by 10 per cent, to close at N2.34, per share. Triple Gee & Company followed with a decline of 9.95 per cent to close at N3.89, while Omatek Ventures declined by 9.72 per cent to close at N1.30, per share.

Daar Communications depreciated by 9.64 per cent to close at 75 kobo and Guinea Insurance and Multiverse Mining & Exploration declined by 9.09 per cent each to close at 90 kobo and N9.00 respectively, per share.

The total volume traded declined by 10.67 per cent to 681.241 million units, valued at N17.017 billion, and exchanged in 26,931 deals. Transactions in the shares of Access Holdings topped the activity chart with 98.624 million shares valued at N2.753 billion. Ellah Lakes followed with 61.119 million shares worth N581.605 million, while Japaul Gold & Venture traded 49.164 million shares valued at N136.753 million.

Royal Exchange traded 43.758 million shares valued at N53.612 million, while Universal Insurance sold 32.069 million shares worth N23.399 million.