Stock Market Records Fragile Growth as Market Cap Hits N160trn Again

By Dipo Olowookere

The Nigerian stock market further gained 0.29 per cent on Monday as bargain-hunting by investors persisted during the trading session, though the growth was fragile amid cautious trading.

The expansion recorded on the first trading day of the week was largely driven by the energy index, which improved by 2.19 per cent, while the insurance, banking, consumer goods, and the industrial goods sectors depreciated by 1.22 per cent, 0.72 per cent, 0.10 per cent, and 0.01 per cent, respectively.

Data showed that the value of the Nigerian Exchange (NGX) Limited again crossed the N160 trillion threshold after falling below it for a while.

Business Post reports that market capitalisation gained N1.041 trillion to close at N160.600 trillion compared with last Friday’s N159.559 trillion, and the All-Share Index (ASI) increased by 707.34 points to 247,699.78 points from 246,992.44 points.

Zichis appreciated by 9.97 per cent to N18.20, Aradel Holdings improved by 5.38 per cent to N1,570.00, Secure Electronic Technology soared by 4.29 per cent to 73 Kobo, International Breweries grew by 3.02 per cent to N10.25, and MTN Nigeria rose by 2.45 per cent to N832.90.

On the flip side, Omatek declined by 10.00 per cent to N1.53, Caverton slipped by 10.00 per cent to N4.05, CMFC crumbled by 9.85 per cent to N2.38, SUNU Assurances crashed by 9.42 per cent to N2.98, and DAAR Communications lost 9.41 per cent to trade at N1.54.

Twelve stocks ended on the gainers’ chart, and 43 stocks closed on the losers’ table, indicating a negative market breadth index and weak investor sentiment.

Yesterday, market participants transacted 407.9 million shares for N27.3 billion in 52,322 deals compared with the 2.2 billion shares worth N73.4 billion traded in 42,709 deals in the preceding session. This indicated that the trading volume went down by 81.46 per cent, the trading value slipped by 62.81 per cent, and the number of deals increased by 22.51 per cent.

Access Holdings led the activity log, with a turnover of 40.0 million units valued at N1.2 billion. FCMB traded 25.6 million units worth N297.7 million, Sterling Holdings exchanged 18.1 million units for N136.9 million, GTCO sold 17.0 million units valued at N2.2 billion, and Nigerian Breweries transacted 14.5 million units worth N1.2 billion.