Market Cap Adds N138bn Amid Demand for 54 Stocks

Ahead of Christmas celebration, the  stock market of the Nigerian Exchange Limited ( NGX) yesterday commenced the week positive as the overall capitalisation gained N138 billion over surge demand for 54 stocks. 

The All Share Index (NGX ASI) gained by 227.06 basis points or 0.22 per cent to close at 101,356.15 basis points, with the Month-to-Date and Year-to-Date returns settled at + four per cent and +35.6per cent, respectively.

Also, market capitalisation gained N138 billion to close at N61.441 trillion.

Also, investor sentiment, as measured by market breadth was positive as 54 stocks advanced, while 20 declined. 

Champion Breweries, International Breweries, AXA Mansard Insurance, MRS Oil, Okomu Oil, Living Trust Mortgage Bank and Sterling Financial Holdings Company recorded the highest price gain of 10 per cent each to close at N4.18, N5.50, N8.25, N18.00, N403.70, N3.63 and N5.50 respectively, per share.

Honeywell Flour Mills followed with a gain of 9.92 per cent to close at N6.65, while SUNU Assurance rose by 9.88 per cent to close at N8.23, per share.

On the other hand, Austin Laz & Company led the losers’ chart by 9.84 per cent to close at N1.65, per share. Aradel Holdings followed with a decline of 9.64 per cent to close at N600.00, while Oando declined by 8.63 per cent to close at N63.50, per share.

Veritas Kapital Assurance depreciated by 4.44 per cent to close at N1.29, while Omatek Ventures declined by 4.41 per cent to close at 65 kobo, per share.

Meanwhile, the total volume traded decreased by 2.40 per cent to 503.190 million units, valued at N16.272 billion, and exchanged in 12,490 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 39.382 million shares valued at N2.258 billion. Japaul Gold & Ventures followed with 35.765 million shares worth N78.182 million, while Zenith Bank traded 34.645 million shares valued at N1.597 billion.

United Bank for Africa (UBA) traded 26.377 million shares valued at N912.060 million, while Universal Insurance sold 25.583 million shares worth N12.031 million.

Looking forward, United Capital Plc said “the stock market is expected to retain its buy interest as investors cherry-pick undervalued stocks. ” “However, given the high interest rates in the fixed income and money markets, we expect some bearish undertone to persist in the equities market as fixed income biased investors take advantage of the high yields in the fixed income space.”