Positive Sentiments Continued to Dominate as Stock Market Gains N622bn

Kayode Tokede

Positive sentiments continued to dominate the Nigerian stock market yesterday as gains in 28 stocks lifted the market capitalisation by N622 billion.

As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 0.38 per cent to close at 252,150.01 basis points.

Similarly, the overall market capitalisation value gained N622 billion to close at N163.679 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Nigerian Aviation Handling Company (NAHCO), NASCON Allied Industries, Fidson Healthcare and The Initiates Plc (TIP).

Investor sentiment was positive, as 28 gainers outpaced 24 losers. Critical Minerals Financing Corp. (CMFC) recorded the highest price gain of 10 per cent to close at N2.97, per share. R.T. Briscoe followed with a gain of 9.55 per cent to close at N9.75, while Caverton Offshore Support Group rose by 8.75 per cent to close at N4.35, per share.

NAHCO appreciated by 8.57 per cent to close at N152.00, while Linkage Assurance up by 7.36 per cent to close at N1.75, per share.

On the other hand, Neimeth International Pharmaceuticals led the losers’ chart by 7.23 per cent to close at N7.70, per share. Ellah Lakes followed with a decline of 5.33 per cent to close at N8.00, while Mutual Benefits Assurance shed 4.65 per cent to close at N3.28, per share.

Lasaco Assurance depreciated by 4.44 per cent to close at N1.72, while Wema Bank lost 3.93 per cent to close at N30.55, per share.

The total volume traded declined by 38.5 per cent to 978.29 million units, valued at N50.16 billion, and exchanged in 48,558 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 335.203 million shares valued at N6.914 billion. VFD Group followed with 122.056 million shares worth N1.397 billion, while Transnational Corporation (Transcorp) traded 65.936 million shares valued at N2.438 billion.

Access Holdings traded 43.718 million shares valued at N1.333 billion, while Chams Holding Company transacted 42.601 million shares worth N139.899 million.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit taking activity could temper the pace of any recovery.”