The local equities market on Monday trading activities commenced on a positive note as gains in Transcorp Power Plc and 24 others pushed the overall capitalization higher by N461 billion.
The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 729.19 basis points or 0.49 per cent to close at 147,717.23 basis points. Also, market capitalisation gained N461 billion to close at N 93.761 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Transcorp Power, Dangote Cement, Stanbic IBTC Holdings, Custodian Investment and Nigerian Breweries.
On market outlook, United Capital Plc said, “the Nigerian equity market could sustain its bullish momentum on the back of strong buy interest and positive earnings expectations. Improved stability and reforms could further attract foreign inflows, though there could be profit-taking due to short-term gains.”
Market sentiment was balanced, with 25 advancing stocks marginally outpacing 24 decliners. Sovereign Trust Insurance recorded the highest price gain of 9.97 per cent to close at N3.53, per share. Regency Alliance Insurance followed with a gain of 9.68 per cent to close at N1.36, while Transcorp Power rose by 8.92 per cent to close at N342.00, per share.
Consolidated Hallmark Holdings appreciated by 7.14 per cent to close at N4.50, while Haldane McCall up by 6.80 per cent to close at N4.40, per share.
On the other hand, Tripple Gee & Company led the losers’ chart by 9.92 per cent to close at N5.45, per share. Wema Bank followed with a decline of 4.51 per cent to close at N19.05, while LivingTrust Mortgage Bank declined by 3.85 per cent to close at N5.00, per share.
Nigerian Exchange Group depreciated by 3.85 per cent to close at N5.00, while Cutix declined by 3.08 per cent to close at N3.78, per share.
Also, the total volume traded increased by 61.58 per cent to 624.609 million units, valued at N13.472 billion, and exchanged in 31,563 deals. Transactions in the shares of Consolidated Hallmark Insurance topped the activity chart with 210.462 million shares valued at N909.648 million. Fidelity Bank followed with 47.465 million shares worth N951.815 million, while Chams Holdings traded 43.961 million shares valued at N191.627 million.
Universal Insurance traded 29.903 million shares valued at N32.343 million, while Sovereign Trust Insurance sold 23.260 million shares worth N80.298 million.
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