Nigerian Stock Market Gains 0.25% to Hit N60trn Valuation

By Dipo Olowookere

For the fourth straight trading session, the Nigerian stock market ended in the green territory on Thursday after it appreciated by 0.25 per cent.

The growth posted yesterday showed that the Nigerian Exchange (NGX) Limited has kept a clean sheet this week without a loss. This has been triggered by sustained buying pressure on the back of renewed interest in domestic shares.

Data obtained by Business Post indicated that except for the consumer goods index, which fell by 0.77 per cent at the close of transactions, every other sector closed bullish.

The banking space rose by 2.61 per cent, the insurance counter improved by 0.68 per cent, the energy space grew by 0.04 per cent, and the industrial goods sector went up by 0.03 per cent.

Consequently, the All-Share Index (ASI) inflated by 245.53 points to 99,189.95 points from 98,944.42 points, and the market capitalisation, which measures the value of the bourse, swelled by N149 billion to N60.104 trillion from N59.955 trillion.

Customs Street was busy yesterday as the trading volume, value, and number of deals increased by 41.31 per cent, 89.16 per cent, and 15.63 per cent, respectively.

A total of 400.9 million stocks worth N15.7 billion were traded in 9,211 deals during the session compared with the 283.7 million stocks valued at N8.3 billion transacted in 7,966 deals at midweek.

UBA remained the most active equity at the stock exchange on Thursday with 58.4 million units valued at N1.7 billion, Japual traded 35.2 million units worth N85.2 million, Custodian Investment exchanged 33.7 million units valued at N411.4 million, Access Holdings sold 30.4 million units worth N649.1 million, and Zenith Bank transacted 25.0 million units for N1.0 billion.

The biggest price riser was Access Holdings, which chalked up 9.95 per cent to finish at N22.10, Academy Press expanded by 9.79 per cent to N3.14, UPDC gained 8.90 per cent to close at N1.59, Cornerstone Insurance advanced by 7.60 per cent to N2.69, and Veritas Kapital leapt by 5.96 per cent to N1.60.

On the flip side, Royal Exchange shed 9.72 per cent to trade at 65 Kobo, International Breweries stumbled by 6.24 per cent to N4.06, Livestock Feeds depreciated by 6.06 per cent to N3.10, Coronation Insurance waned by 5.94 per cent to 95 Kobo, and Champion Breweries staggered by 5.41 per cent to N3.50.

At the close of the market by 2:30 pm yesterday, there were 28 price gainers and 19 price losers, indicating a positive market breadth index and strong investor sentiment.