The stock market reversed losses, to close in an upbeat yesterday, as gains recorded by banking and consumer firms lifted market capitalisation by N96 billion.
Precisely, the all-share index rose by 158.44 points, representing a gain of 0.16 per cent, to close at 97,418.83 points. Similarly, the overall market capitalisation value gained N96 billion to close at N59.031 trillion.
The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are; Industrial and Medical Gases Nigeria, Dangote Sugar Refinery, United Bank for Africa (UBA), Cadbury Nigeria and Zenith Bank.
As measured by market breadth, market sentiment closed positive, as 30 stocks gained relative to 18 losers. International Energy Insurance recorded the highest price gain of 10 per cent to close at N1.32, per share.
John Holt followed with a gain of 9.98 per cent to close at N6.39, while Eunisell Interlinked rose by 9.88 per cent to close at N10.9, per share. On market outlook, analysts at Afrinvest Research said: “Investor sentiment, as measured by market breadth, improved to 0.15x (from -0.12x in the prior session) as 30 stocks advanced, 19 declined, while 75 closed flat. Tomorrow (today), we expect the bullish performance to spill over following positive investors’ sentiment.”
Thomas Wyatt Nigeria appreciated by 9.88 per cent to close at N1.92, while University Press gained 9.09 per cent to close at N3.60 kobo. On the other hand, Regency Alliance Insurance led the losers’ chart by 10 per cent to close at 45 kobo while DAAR Communication followed with a decline of 7.46 per cent to close at 62 kobo.
Sovereign Trust Insurance declined 6.35 per cent to close at 59 kobo, while Universal Insurance and NEM Insurance shed 5.88 per cent each to close at 32 kobo and N8 respectively.
However, the total volume traded declined by 27.53 per cent to 247.015 million units, valued at N7.511 billion, and exchanged in 8,305 deals. Transactions in the shares of Access Holdings topped the activity chart with 40 million shares valued at N979.586 million.
UBA followed with 23.739 million shares worth N761.208 million, while Fidelity Bank traded 21.287 million shares valued at N312.63 million. United Capital traded 16.294 million shares valued at N264.429 million, while Guaranty Trust Holding Company (GTCO) transacted 14.729 million shares worth N794.446 million.
