Stock Market Opens Week with N369bn Gain

Trading activities in the Nigeria stock market yesterday closed positive with a gain of N369 billion to commence trading activities for the week.

Accordingly, the All-Share Index (ASI) gained by 588.43 points, representing a growth of 0.56 per cent to close at 105,551.39 points. Also, market capitalisation gained N369 billion to close at N66.189 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MRS Oil Nigeria, Guaranty Trust Holding Company (GTCO), McNichols, Oando and First HoldCo.

Looking forward, United Capital Plc said, “the equities market is expected to improve marginally as investors position for the full year 2024 earnings season and possible corporate action declarations. Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.”

As measured by market breadth, market sentiment was positive, as 25 stocks gained relative to 22 losers. Royal Exchange recorded the highest price gain of 10 per cent to close at 88 kobo, per share.

Livestock Feeds followed with a gain of 9.87 per cent to close at N9.24, while Abbey Mortgage Bank appreciated by 9.72 per cent to close at N3.95, per share.

Universal Insurance went up by 9.62 per cent to close at 57 kobo, while SUNU Assurance appreciated by 9.22 per cent to close at N5.45, per share. On the other hand, NEM Insurance led the losers’ chart by 9.63 per cent, to close at N12.20, per share. United Capital followed with a decline of 9.29 per cent to close at N16.60, while CWG declined by 6.67 per cent to close at N8.40, per share.

DAAR Communications depreciated by 6.06 per cent to close at 62 kobo, while Africa Prudential declined by 5.56 per cent to close at N15.30, per share.

The total volume traded rose by 10.90 per cent to 440.520 million units, valued at N10.470 billion, and exchanged in 10,182 deals. Transactions in the shares of Zenith Bank topped the activity chart with 55.063 million shares valued at N2.605 billion. FCMB Group followed with 49.587 million shares worth N449.085 million, while United Bank for Africa (UBA) traded 47.381 million shares valued at N183.564 million.

Access Holdings traded 37.234 million shares valued at N834.092 million, while Fidelity Bank sold 31.298 million shares worth N563.895 million.