Stock Market Gains N243bn Amid Investors’ Positive Sentiments

Motolani Oseni

The equities market of the Nigerian Exchange Limited (NGX) on Wednesday extended its gaining streak, over investors’ positive sentiments on Airtel Africa and 20 others shares.

Specifically, the overall market capitalisation size gained N243 billion to close at N23.427 trillion.

Also, the All-Share Index (ASI) increased by 450.52 absolute points, representing a growth of 1.05 per cent to close at 43,476.75 points.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, SEPLAT Energy, Ardova, Nigerian Exchange Group (NGXGroup) and Oando.

Analysts at Afrinvest Limited said, “In the next trading session, we expect the market to sustain this positive momentum as investors’ cherry-pick on stocks with attractive valuation.”

As measured by market breadth, market sentiment was positive as 21 stocks gained relative to 17 losers. Airtel Africa recorded the highest price gain of 10 per cent to close at N1, 050.50, per share. Oando followed with a gain of 9.73 per cent to close at N4.85, while AIICO Insurance rose by 8.33 per cent to close at 78 kobo, per share.

Ardova went up by 7.69 per cent to close at N12.60, while Caverton Offshore Support Group appreciated by 6.25 per cent to close at N1.70, per share.

On the other hand, Unity Bank led the losers’ chart by 9.62 per cent, to close at 47 kobo, per share. Royal Exchange followed with a decline of 9.41 per cent to close at 77 kobo, while Regency Alliance Insurance lost 8.16 per cent to close at 45 kobo, per share.

Union Bank of Nigeria (UBN) lost 6.90 per cent to close at N5.40, while Mutual Benefits Assurance shed 6.25 per cent to close at 30 kobo, per share.

The total volume of trades increased by 472.8 per cent to 1.241 billion units, valued at N42.966 billion and exchanged in 4,032 deals. Transactions in the shares of BUA Foods topped the activity chart with 1.007 billion shares valued at N40.534 million.

Wema Bank followed with 25.015 million shares worth N19.014 million, while Transnational Corporation of Nigeria (Transcorp) traded 24.955 million shares valued at N24.624 million.

NGX Group traded 14.537 million shares valued at N285.748 million, while United Bank for Africa (UBA) transacted 13.945 million shares worth N112.244 million.