Buy Interest in Okomu, 31 Others Lift Stock Market by N578bn
Kayode Tokede
The domestic stock market extended uptrend with a gain of N578 billion in market capitalisation , due to investors buy interest in Okomu Oil Plc and 31 others.
The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 1,017.29 basis points or 1.05 per cent to close at 98,116.27 basis points, with the Month-to-Date and Year-to-Date performance increasing to +0.4per cent and +29.9per cent, respectively.
Consequently, market capitalisation rose by N578 billion to close at N55.708 trillion.
Sectoral performance was positive, as the NGX Banking Index (+1.7per cent), NGX Insurance Index (+1.4per cent), NGX Consumer Goods Index (+0.5per cent), and NGX Oil and Gas Index (+0.3per cent), while the NGX Industrial Goods index closed flat.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Oando, Julius Berger and Nigerian Breweries.
As measured by market breadth, market sentiment was positive as 32 stocks gained relative to 19 decliners. Unilever Nigeria, Vitafoam Nigeria and MTNN emerged the highest price gainer of 10 per cent each to close at N18.70, N19.25 and N198.00 respectively, per share.
Okomu Oil followed with a gain of 9.99 per cent to close at N353.30, while Oando advanced by 9.97 per cent to close at N36.95, per share.
On the other side, United Capital led others on the losers’ chart with 9.94 per cent to close at N14.50, per share. Abbey Mortgage Bank followed with a decline of 8.05 per cent to close at N2.40, while Sterling Financial Holdings Company down by 5.66 per cent to close at N4.00, per share.
Ikeja Hotel lost 5.56 per cent to close at N6.80, while Chams Holding Company depreciated by 5.38 per cent to close at N2.11, per share.
The total volume of trade increased by 24.39 per cent to 791.782 million units, valued at N15.126 billion and exchanged in 9,059 deals. Transactions in the shares of NEM Insurance led the activity with 187.509 million shares worth N1.313 billion.
Access Holdings followed with account of 115.983 million shares valued at N2.203 billion, while Guaranty Trust Holding Company (GTCO) traded 109.921 million shares valued at N5.056 billion.
Abbey Mortgage Bank traded 50.724 million shares worth N121.742 million, while United Bank for Africa (UBA) traded 44.629 million shares worth N934.389 million.
