Stock Market Returns to N89trn Threshold on 0.21% Gain

By Dipo Olowookere

The local stock market gained 0.21 per cent on Thursday on renewed buying interest in mid and large-cap equities across the key sectors, though the insurance space was under selling pressure, causing it to give up 1.16 per cent at the close of business.

However, this did not affect the outcome of the Nigerian Exchange (NGX) Limited because the banking counter gained 0.78 per cent, the consumer goods index appreciated by 0.21 per cent, the energy sector improved by 0.10 per cent, the industrial goods industry jumped by 0.04 per cent, and the commodity landscape expanded by 0.01 per cent.

Consequently, the All-Share Index (ASI) went up by 300.48 points to 140,665.84 points from the previous day’s 140,365.36 points and the market capitalisation chalked up N190 billion to settle at N89.004 trillion compared with the N88.814 trillion it ended on Wednesday.

The market breadth index was positive yesterday after the bourse finished with 41 price advancers and 12 price laggards, showing strong investor sentiment.

Guinness Nigeria appreciated by 10.00 per cent to N143.00, C&I Leasing jumped by 10.00 per cent to N6.60, LivingTrust Mortgage Bank also grew by 10.00 per cent to N4.62, eTranzact rose by 9.68 per cent to N13.60, and Regency Alliance advanced by 9.42 per cent to N1.51.

Conversely, NEM Insurance depreciated by 9.94 per cent to N28.10, AXA Mansard lost 4.76 per cent to N15.99, CWG declined by 4.71 per cent to N16.20, Ellah Lakes weakened by 4.29 per cent to N13.40, and Consolidated Hallmark slipped by 4.28 per cent to N4.03.

The level of activity was down during the session as the market participants traded 378.2 million stocks for N12.4 billion in 22,935 deals compared with 767.7 million stocks valued at N40.6 billion transacted in 24,837 deals at midweek, implying a shortfall in the trading volume, value, and number of deals by 50.74 per cent, 69.46 per cent, and 7.66 per cent, respectively.

Japaul topped the activity log with 42.1 million shares sold for N111.9 million, Zenith Bank traded 27.9 million equities worth N1.9 billion, UBA exchanged 27.3 million stocks valued at N1.3 billion, Access Holdings transacted 25.3 million equities worth N669.1 million, and Nigerian Breweries sold 18.5 million shares valued at N1.3 billion.