Domestic Stock Market Rebounds by 0.22% as 54 Equities Appreciate

It was observed that investors went into the Christmas week with enthusiasm, cherry-picking equities projected to deliver value next year, including MRS Oil Nigeria, which sealed a deal with Dangote Refinery to sell premium motor spirit (PMS), otherwise known as petrol, at a cheaper rate across its outlets nationwide.

Sterling Holdings, International Breweries, Champion Breweries, AXA Mansard, and Okomu Oil all chalked up 10.00 per cent each to settle at N5.50, N5.50, N4.18, N8.25, and N403.70, respectively.

However, Austin Laz lost 9.84 per cent to trade at N1.65, Aradel Holdings declined by 9.64 per cent to N600.00, Oando slumped by 8.63 per cent to N63.50, Veritas Kapital tumbled by 4.44 per cent to N1.29, and Omatek crashed by 4.41 per cent to 65 Kobo.

At the close of business, the bourse recorded 54 price gainers and 20 price losers, indicating a positive market breadth index and strong investor sentiment.

Business Post reports that the insurance sector appreciated by 3.89 per cent, the consumer goods index expanded by 2.48 per cent and the banking counter appreciated by 2.16 per cent, while the industrial goods space depreciated by 0.06 per cent and the energy sector shed 0.05 per cent.

The All-Share Index (ASI) increased by 227.06 points to 101,356.15 points from 101,129.09 points and the market capitalisation gained N138 billion to finish at N61.441 trillion compared with last Friday’s N61.303 trillion.

Yesterday, the market participants transacted 503.2 million shares valued at N16.3 billion in 12,490 deals versus the 515.6 million shares worth N16.5 billion traded in 11,554 deals, representing a rise in the number of deals by 8.10 per cent and a fall in the trading volume and value by 2.41 per cent and 1.21 per cent, respectively.

The busiest equity on Monday was GTCO with 39.4 million units sold for N2.3 billion, Japaul traded 35.8 million units valued at N78.2 million, Zenith Bank transacted 34.7 million units worth N1.6 billion, UBA exchanged 26.4 million units valued at N912.1 million, and Universal Insurance traded 25.6 million units worth N12.0 million.