Geregu Power, 23 Others Drive Market Cap by N329.25bn

Kayode Tokede

The Nigerian stock market yesterday extended its positive performance as gains in Geregu Power Plc and 23 others pushed the overall market capitalization up by N329.25 billion.

As a result, the Nigerian Exchange Limited All-Share Index (ASI) gained 601.72 basis points or 0.58 per cent to close at 104,100.00 basis points from 103,498.28 basis points it opened for trading.

Also, market capitalisation rose by N329.25 billion to close at N56.962 trillion from N56.633trillion  it closed the previous day.

Consequently, the NGX Month-to-Date (MtD) and Year-to-Date (YtD) returns increased to +2.9per cent and +39.2per cent, respectively.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are: Geregu Power, BUA Cement Plc, and BUA Foods Plc.

The stock price of Geregu Power gained 6.47 per cent to close at N819.80 per share, while BUA Cement rose by 5.87 per cent to close at N158.80 per share yesterday.

The likes of BUA Foods appreciated by 1.56per cent to close at N325per share from N320 per share it opened for trading.

As measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 26 losers.

University Press emerged the highest price gainer of 9.96 per cent to close at N2.87, per share.  Juli followed with a gain of 9.84 per cent to close at N1.34, while Mutual Benefits Assurance advanced by 9.38 per cent to close at 70 kobo, per share.

DAAR Communications rose by 8.82 per cent to close at 74 kobo, while Hneywell Flour Mills appreciated by 7.50 per cent to close at N4.30, per share. On the other side, Unilever Nigeria led others on the losers’ chart with 9.80 per cent to close at N16.10, per share. Julius Berger followed with a decline of 9.64 per cent to close at N50.60, while Morison Industries shed 9.60 per cent to close at N2.73, per share.

May & Baker Nigeria lost 6.52 per cent to close at N6.45, while NASCON Allied Industries depreciated by 5.37 per cent to close at N59.05, per share.

The total volume traded declined by 33.35 per cent to 284.489 million units, valued at N6.914 billion, and exchanged in 8,168 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 56.605 million shares worth N2.215 billion. Transnational Corporation (Transcorp) followed with account of 33.174 million shares valued at N418.312 million, while United Bank for Africa (UBA) traded 18.376 million shares valued at N452.958 million.

Mutual Benefits Assurance traded 16.765 million shares worth N11.475 million, while AXA Mansard Insurance traded 12.513 million shares worth N75.575 million.