By Aduragbemi Omiyale
The rain of Naira fell on investors at the local bourse on Monday and Tuesday as they almost became N500 billion richer from stock trading ahead of the Sallah celebrations.
They were able to increase the value of their portfolios because of the effect of the policy direction of the administration of President Bola Tinubu.
The current government has not hidden its desire to improve the country’s economy, and the equity segment of the capital market is already buzzing.
On Tuesday, transactions at the floor of Nigerian Exchange (NGX) Limited closed in positive territory as the All-Share Index (ASI) crossed the 60,000 level for the first time in over a decade (March 5, 2008).
This was even as Nigerian shares climbed to a 17-year high due to price appreciation in the shares of GTCO (+5.20 per cent), Access Holdings (+3.61 per cent) and Japaul (+8.47 per cent).
As a result, the benchmark index rose by 1.30 per cent to 60,109.14 points, while market capitalisation, which opened at N32.309 trillion, grew by N421 billion to close at N32.729 trillion.
Coupled with Monday’s N72 billion gain, investors have now pocketed N493 billion since the market resumed trading this week. Thus, the market’s year-to-date (YTD) return rose to +17.28 per cent.
From a sectoral perspective, gains in the Banking (+3.5%), Oil and Gas (+3.21 per cent), Consumer Goods (+0.40 per cent), Industrial Goods (+0.17 per cent), and Insurance (+0.15 per cent) indices reflected the overall market performance.
The total volume of stocks traded grew by 38.2 per cent to 763.69 million units, valued at N12.533 billion, which exchanged hands in 9,463 deals as against 552.69 million units, valued at N13.06 billion and exchanged in 8,052 deals in the previous trading session.
Access Holdings was the most traded stock, trading about 111.66 million units worth N1.74 billion, GTCO followed with the sale of 78.98 million units valued at N2.69 billion, while UBA transacted 72.29 million units valued at N87.82 billion.
As measured by market breadth, market sentiment was positive as 51 securities appreciated in value while 13 others depreciated.
Afromedia led the gainers’ chart with 10 per cent to close at 22 Kobo. Courtville was next with 10 per cent to close at 66 Kobo, Ikeja Hotel advanced by 10 per cent to close at N3.63, Omatek added 10 per cent to close at 33 Kobo, while Transcorp Hotels garnered 9.97 per cent to close at N21.29.
Red Star Express led the losers’ chart with 10 per cent to close at N3.15 per share. C&I leasing was next with 9.79 per cent to close at N3.50, Morison dropped 9.22 per cent to close at N1.97, Sovereign Insurance lost 7.41 per cent to close at 50 Kobo while May & Baker fell by 6.42 per cent to close at N5.10.
