Market Cap Extends Christmas Rally, Up by N124.5bn
Kayode Tokede
Opening for trading after the Christmas holiday yesterday, the stock market of the Nigerian Exchange Limited (NSGX) extended its nine-day winning streak as the capitalisation gained N124.5 billion.
The NGX All Share Index (ASI) rose by 228.51 basis points or 0.46 per cent to close at 49,934.60 basis points from 49,706.09 basis points, while the overall market capitalisation value gained N124.5 billion to close at N27.198 trillion from N27.074 trillion it opened for trading.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Geregu Power, Presco, Guaranty Trust Holding Company (GTCO) and Dangote Sugar Refinery.
Market sentiment, as measured by market breadth was positive as 27 stocks gained, relative to six decliners. Champion Breweries and Cornerstone Insurance recorded the highest price gain of 10 per cent each to close at N5.17 and 55 kobo, while Geregu Power followed with a gain 9.96 per cent to close at N127.00, per share.
Wema Bank went up by 9.94 per cent to close at N3.54, while Thomas Wyatt Nigeria appreciated by 9.88 per cent to close at 89 kobo, per share. On the other hand, R.T. Briscoe Nigeria led the losers’ chart by 7.41 per cent to close at 25 kobo, per share. McNichols followed with a decline of 3.70 per cent to close at 52 kobo, while FTN Cocoa processors depreciated by 3.45 per cent to close at 28 kobo, per share.
Wapic Insurance declined by 2.44 per cent to close at 40 kobo, while Sterling Bank depreciated by 1.42 per cent to close at N1.39, per share.
The total volume of trades increased by 255.30 per cent to 498.728 million units, valued at N3.885 billion, and exchanged in 3,989 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 348.545 million shares valued at N69.709 million. Access Holdings followed with 28.933 million shares worth N248.248 million, while GTCO traded 25.745 million shares valued at N587.592 million.
Geregu Power traded 8.684 million shares valued at N1.025 billion, while AIICO Insurance transacted 8.289 million shares worth N4.618 million.
This week, United Capital Plc anticipated market activity to slow significantly due to the holiday break.
“However, we expect bullish sentiments to continue. Also, portfolio rebalancing is another critical activity to continue to look out for from investors as the year rounds up,” United Capital said.
