Stock Market Recover, Gains N159bn in Market Cap

Kayode Tokede

Recovering from the previous session’s loss, the stock market of the Nigeran Exchange Limited (NGX) yesterday posted gains as the overall capitalisation rose by N159 billion.

The All Share Index (ASI) rose by 288.19basis points or 0.43 per cent to close at 67,326.12 basis points. Accordingly, market capitalisation gained by N159 billion to close at N36.989 trillion.

Consequently, the stock market Month-to-Date and Year-to-Date returns increased to 1.4per cent and 31.4per cent, respectively.

As measured by market breadth, market sentiment was positive, as 27 stocks gained relative to 22 losers. Julius Berger recorded the highest price gain of 10 per cent to close at N36.30, per share. Computer Warehouse Group (CWG) followed with a gain of 9.83 per cent to close at N9.50, while Champion Breweries rose by 9.76 per cent to close at N3.71, per share.

Oando went up by 9.58 per cent to close at N9.15, while Thomas Wyatt Nigeria appreciated by 9.29 per cent to close at N3.06, per share.

On the other hand, Multiverse Mining and Exploration led the losers’ chart by 9.49 per cent, to close at N2.67, per share. Unity Bank followed with a decline of 9.00 per cent to close at 91 kobo, while Ellah Lakes declined by 8.05 per cent to close at N4.00, per share.

Nigerian Breweries depreciated by 7.38 per cent to close at N38.90 and eTranzact International declined by 6.67 per cent to close at N8.40, per share.

The total volume traded increased by 74.9 per cent to 377.97 million units, valued at N5.17 billion, and exchanged in 6,729 deals. Transactions in the shares of eTranzact International topped the activity chart with 44.069 million shares valued at N370.152 million. United Bank for Africa (UBA) followed with 42.301 million shares worth N796.359 million, while Access Holdings traded 33.32 million shares valued at N560.389 million.

Fidelity Bank traded 31.200 million shares valued at N257.179 million, while Sterling Financial Holdings Company sold 24.676 million shares worth N84.264 million.

According to analysts at InvestmentOne Research, “The local equities market closed green due to the positive sentiment observed across major sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.”

They reiterated that the market may be a great period to pick up some quality names with a medium to long-term investment horizon.