Stock market crosses N28tr as investors gain N557 billion in one day

MASSIVE buying interest occasioned by improved corporate performance yesterday, lifted transactions on the equities sector of the Nigeria Exchange Limited ( NGX) as market capitalisation crossed the N28 trillion mark.

Precisely, the All- Share Index inched higher by 1,033.04 absolute points, representing an increase of 1.99 per cent to close at 52,838.45 points, while the overall market capitalisation value gained N557 billion to close at N28.486 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications ( MTNN), Okomu Oil, Dangote Cement, Presco and Nigerian Breweries.

GTI Securities Limited said: “Equities market continues with the bullish run. We expect that this trend will be maintained this week.” Also, Afrinvest Limited expected the positive performance to be sustained as investors continue to hunt for bargains.

Vetiva Dealing and Brokerage said: “As expected, investors returned to the market to mop up some of the previous session’s losers, focusing on the fundamentally sound names. That said, we do foresee some profittaking in tomorrow’s session, whilst remaining expectant of a green close.”

Market sentiment, as measured by market breadth, was positive as 43 stocks gained, while 27 others recorded price depreciation. Okomu

Oil and Computer Warehouse Group ( CWG) recorded the highest price gain of 10 per cent each to close at N205.70 kobo and 99 kobo respectively , while Champion Breweries followed with a gain 9.93 per cent to close at N4.43 kobo.

Mcnichols Plc rose by 9.90 per cent to close at N1.11 kobo, while Industrial and Medical gases Nigeria, International Breweries and T ranscorp Hotels appreciated by 9.88 per cent each to close at N9.45 kobo, N8.90 kobo and

N4.45 kobo.

Transcorp Hotel gained 9.88 per cent to close at N4.45 kobo. Linkage Assurance added 9.52 per cent to close at 69 kobo. Glaxosmithkline garnered 9.35 per cent to close at N7.60 kobo. MTNN garnered 9.21 per cent to close at N262.10 kobo. Living Trust appreciated by 7.14 per cent to close at N1.20 kobo. Jaizbank gained 5.88 per cent to close at 90 kobo.

On the other hand, Ikeja Hotels and BUA Foods led the losers’ chart by 10 per cent each to close at N1.17 and N56.70 respectively, while Eterna followed with a decline of 9.92 per cent to close at N6.54 kobo.

Northern Nigeria Flour Mills ( NNFM) declined by 9.50 per cent to close at N9.05 kobo, while R. T. Briscoe Nigeria depreciated by 8.70 per cent to close at 63 kobo.

Meanwhile, the total volume of trades rose by 23.9 per cent to 417.386 million units, valued at N7.331 billion, and exchanged in 7,255 deals.