Okomu, 49 Others Lift Stock Market by N488bn 

Kayode Tokede 

The stock  market segment of the Nigerian Exchange Limited (NGX) yesterday continued on a positive note driven by price appreciation in Okomu Oil Plc and 49 others.

Consequently, the benchmark All Share Index (NGX-ASI) gained 891.31 basis points or 1.21 per cent to close at 74,289.02 basis points. Also, market capitalisation rose by N488 billion to close at N40.652 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Transcorp Hotel, Multiverse Mining and Exploration and FBN Holdings (FBNH).

As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 19 losers. Industrial and Medical Gas Nigeria and Transnational Corporation (Transcorp) emerged the highest price gainer of 10 per cent each to close at N9.35 and N8.47 respectively, per share.

Multiverse Mining & Exploration and OKOMU Oil followed with a gain of 9.96 per cent each to close at N12.70 and N263.90 respectively, while Infinity Trust Mortgage Bank advanced by 9.87 per cent to close at N4.12, per share.

On the other side, John Holt led others on the losers’ chart with 10 per cent to close at N2.34, per share. Ellah Lakes followed with a decline of 9.94 per cent to close at N2.90, while Tripple Gee & Company shed 9.66 per cent to close at N2.15, per share.

Regency Alliance Insurance lost 8.11 per cent to close at 34 kobo, while UAC of Nigeria (UACN) depreciated by 5.96 per cent to close at N15.00, per share.

The total volume traded increased by 37.19 per cent to 760.930 million units, valued at N 13.026 billion, and exchanged in 7,990 deals. Transactions in the shares of Abbey Morgage Bank led the activity with 224.085 million shares worth N365.279 million. Access Holdings followed with account of 65.795 million shares valued at N1.523 billion, while Transcorp traded 65.305 million shares valued at N552.557 million.

United Bank for Africa (UBA) traded 45.979 million shares worth N1.198 billion, while Guaranty Trust Holding Company (GTCO) traded 43.593 million shares worth N1.744 billion.

According to analsts at Afrinvest Limited the bullish rally is part of the Santa Claus rally phenomenon, was fueled by robust buying activity in major banking sector stocks as fund managers engaged in window dressing and investors selected fundamentally strong stocks toward the end of the trading year.