Stock Market Extends Positive Momentum as Market Cap Gains N122.5bn

Kayode Tokede

The Nigerian equities market yesterday extended its positive performance as price appreciation in Transcorp Hotels Plc and 22 others propelled the market capitalisation by N122.5 billion.

At the start of trading this week, the market capitalisation gained N376 billion, buoyed by bullish sentiments in Seplat Energy Plc and 30 others

The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 201.97 basis points or 0.20 per cent to close at 98,892.58 basis points with the Month-to-Date and Year-to-Date returns settling at +0.3per cent and +32.3per cent, respectively.

Also, market capitalisation appreciated by N122.5 billion to close at N59.924 trillion.

Across sectors, the NGX Insurance Index gained 1.2per cent and NGX Banking Index advanced by 0.9per cent, while the NGX Consumer Goods Index dropped by 0.7per cent and NGX Oil & Gas Index was down by 0.6per cent. Meanwhile, the NGX Industrial Goods index remained unchanged.

As measured by market breadth, market sentiment was positive, as 23 stocks gained relative to 15 losers. Transcorp Hotels emerged the highest price gainer of 9.28 per cent to close at N106.00, per share. Wapic Insurance followed with a gain of 9.09 per cent to close at 96 kobo, while UPDC rose by 6.90 per cent to close at N1.55, per share.

Universal Insurance increased by 5.88 per cent to close at 36 kobo, while ABC Transport added 4.65 per cent to close at N1.35, per share.

On the other side, John Holts led the losers’ chart with 9.84 per cent to close at N2.75, per share. Tantalizer followed with a decline of 9.84 per cent to close at 55 kobo, while Dangote Sugar Refinery shed 8.82 per cent to close at N31.00, per share.

Regency Alliance Insurance depreciated by 7.14 per cent to close at 52 kobo, while Honeywell Flour Mills down by 5.81 per cent to close at N4.38, per share.

The total volume traded surged by 45.92 per cent to 591.010 million units, valued at N24.845 billion, and exchanged in 6,987 deals.

Transactions in the shares of Champion Breweries led the activity with 255.277 million shares worth N1.021 billion. Japaul Gold & Ventures followed with account of 108.849 million shares valued at N255.822 million, while United Bank for Africa (UBA) traded 44.990 million shares valued at N1.191 billion.

FCMB Group traded 19.153 million shares worth N160.373 million, while C&I Leasing traded 16.913 million shares worth N59.075 million.

Analysts at Cowry Assets Management Limited in a statement had said “market sentiment is expected to remain positive as investors anticipate more Q3 earnings reports. The market has already reacted favourably to several impressive Q3 releases, providing insight into potential year-end performance.

“Despite the ongoing market corrections and pullbacks, investors are advised to reposition their portfolios strategically, focusing on sectors and companies with strong growth and earnings prospects,” they stated.