The Nigerian equities market sustained its positive momentum this week, ending yesterday’s session on a bullish note as increased investor activity lifted the market up by N308 billion.
The All Share Index (ASI) gained by 485.25 points, representing a growth of 0.34 per cent to close at 146,204.34 points. Accordingly, market capitalisation rose by N308 billion to close at N92.798 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Eunisell Interlinked, Industrial and Medical Gases Nigeria, MeCure Industries and Stanbic IBTC Holdings.
Market sentiment closed positive, with 32 advancing stocks outpacing 21 decliners. Eunisell Interlinked and Caverton Offshore Support Group recorded the highest price gain of 10 per cent each to close at N44.00 and N6.93 respectively, while Sunu Assurance followed with a gain of 9.90 per cent to close at N5.77, per share.
Industrial and Medical Gases went up by 9.10 per cent to close at N35.95, while MeCure Industries appreciated by 8.81 per cent to close at N28.40, per share. On the other hand, FTN Cocoa Processors led the losers’ chart by 6.64 per cent, to close at N5.60, per share. Tantalizers followed with a decline of 3.35 per cent to close at N2.31, while Fidelity Bank declined by 2.38 per cent to close at N20.50, per share.
PZ Cussons Nigeria depreciated by 2.18 per cent to close at N38.15 and Veritas Kapital Assurance declined by 1.90 per cent to close at N2.06, per share.
The total volume traded dipped by 34 per cent to 346.989 million units, valued at N27.426 billion, and exchanged in24,691 deals. Transactions in the shares of Access Holdings topped the activity chart with 45.861 million shares valued at N1.198 billion. Ellah Lakes followed with 39.488 million shares worth N594.310 million, while Chams Holding Company traded 30.821 million shares valued at N140.165 million.
Sovereign Trust Insurance traded 27.790 million shares valued at N86.688 million, while Aradel Holdings sold 22.576 million shares worth N13.159 billion.
On market outlook, Afrinvest Limited said, “in the last trading session for the week, we expect the bullish performance to be sustained, buoyed by improving investor confidence.”
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