Gains Lift Stock Market by N133bn 

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) yesterday recovered from previous session losses, as the overall market capitalization appreciated by N133 billion on renewed investor interests in Seplat Energy Plc and 20 other stocks.

The NGX All-Share Index (ASI) gained 242.29 basis points or 0.34 per cent to close at 71,283.34 basis points. Also, market capitalisation rose by N133 billion to close at N 39.008 trillion.

According to analysts at InvestmentOne research, the stock market closed positive today on the back of the gains recorded in the Oil/Gas and Consumer Goods sectors.”

On the stock market going forward, they expressed that, “we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

However, the market breadth closed negative as 21 stocks gained relative to 39 losers. Seplat Energy emerged the highest price gainer of 10 per cent to close at N2,310.10, per share. Meyer followed with a gain of 9.79 per cent to close at N3.59, while SUNU Assurance rose by 9.56 per cent to close at N1.49, per share.

Nestle Nigeria increased by 9.52 per cent to close at N1,150.00, while Consolidated Hallmark Holdings added 9.24 per cent to close at N1.30, per share. On the other side, Guinea Insurance led the losers’ chart with 10 per cent to close at 27 kobo, per share. Omatek Ventures followed with a decline of 9.88 per cent to close at 73 kobo, while Abbey Morgage Bank shed 9.68 per cent to close at N1.68, per share.

NEIMETH International Pharmaceuticals depreciated by 9.45 per cent to close at N1.82, while Tantalizers down by 8.62 per cent to close at 53 kobo, per share.

The total volume traded declined by 32.55 per cent to 360.601 million units, valued at N6.611 billion, and exchanged in 6,579 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 56.908 million shares worth N2.191 billion. Transnational Corporations (Transcorp) followed with account of 27.382 million shares valued at N184.098 million, while United Bank for Africa (UBA) traded 21.449 million shares valued at N456.465 million.

Secure Electronic Technology traded 20.648 million shares worth N14.750 million, while Access Holdings traded 15.905 million shares worth N285.737 million.