The domestic equities market sustained uptick trend yesterday as the overall capitalisation rose by N395 billion, amid price gain in Nestle Nigeria Plc and 35 stock.
The all-share index (ASI) gained 624.96 points, representing a growth of 0.47 per cent to close at 132,451.73 points. Accordingly, market capitalisation rose by N395 billion to close at N83.789 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Beta Glass, Lafarge Africa, Nigerian Aviation Handling Company (NAHCO) and Nigerian Exchange Group.
On market outlook, Afrinvest Limited said: “we expect a bullish outing on the bourse on the back of improved investor sentiment.” Vetiva Dealings and Brokerage said: “While the ASI extended gains today, tomorrow’s session could see a more measured tone. Momentum remains concentrated in a few large-cap names, particularly in the industrial and consumer goods sectors, raising the risk of short-term fatigue.
“With banks largely muted and oil and gas under pressure, investors may begin rotating into underperforming sectors like insurance or select mid-cap names. Holding above the 132,000 pts mark will be key to maintaining market confidence heading into mid-week.”
Investor sentiment, as measured by market breath closed positive as 36 stocks advanced, while 34 declined. Dangote Sugar Refinery recorded the highest price gain of 10 per cent to close at N56.10 kobo.
The Initiates Plc (TIP) followed with a gain of 9.97 per cent to close at N12.13 kobo while Sovereign Trust Insurance rose by 9.84 per cent to close at N1.34 kobo.
Nigerian Enamelware rose by 9.83 per cent to close at N22.35, while University Press appreciated by 9.82 per cent to close at N6.15 kobo. On the other hand, Ellah Lakes and Legend Internet led the losers’ chart by 10 per cent each to close at N9.90 and N5.31 respectively. FTN Cocoa Processors followed with a decline of 9.91 per cent to close at N6.09 kobo.
Meyer depreciated by 9.79 per cent to close at N17.05 and Thomas Wyatt Nigeria declined by 9.73 per cent to close at N3.06 kobo. The total volume traded advanced by 8.0 per cent to 77.654 million units, valued at N26.785 billion, and exchanged in 32,734 deals.
Transactions in the shares of Access Holdings topped the activity chart with 102.882 million shares valued at N2.769 billion. Ellah Lakes followed with 56.731 million shares worth N586.397 million, while United Bank for Africa (UBA) traded 48.276 million shares valued at N2.284 billion.
Guaranty Trust Holding Company (GTCO) traded 32.753 million shares valued at N3.181 billion, while Lafarge Africa sold 30.528 million shares worth N3.872 billion.
