Gains in Cadbury, 49 stocks lift capitalisation by N38 billion

Following gains recorded by most bluechip stocks, especially Cadbury and Wema Bank, the domestic equity market resumed trading for the week on a positive note as investors wealth rose by N38 billion.

At the close of transactions yesterday, market capitalisation of listed equities increased by 0.06 per cent to N63, 203 trillion from N103, 648 trillion recorded last week Friday

Also, the All Share Index appreciated by 61.91 basis points to 103648.24 points from 1035886.33 points traded the previous day.The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; Cadbury, Wema Bank, FBN Holdings, JohnHolt, Multiverse, Honeywell flourmills, Custodian and Allied Insurance, NCR and First City Monument Bank.

On the price movement chart, 50 stocks appreciated in price while 21 others constituted the losers chart. Daar Communications and Wema Bank led the gainers’ chart in percentage terms with 10 per cent to close at 77 kobo and N11 while Honey Well Floor followed with a gain of 9.99 per cent to close at N8.37 kobo. Wapic Insurance added 9.96 per cent to close at N2.98 kobo. Lasaco Insurance also appreciated by 9.95 per cent to close at N4.09 kobo.

On the contrary, Cutix Plc topped losers’ chart, dropping 5.45 per cent to close at N2.60 kobo, Caverton Business Solutions trailed with a loss of 5.36 per cent to close at N2.65 kobo, Jaiz Bank was down by 5.23 per cent to close at N3.08 kobo. Champion Breweries declined by 5.53 per cent to close at N4. Ikeja Hotel dipped by 4.26 per cent to close at N12.35 kobo.

Reacting on market performance, Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said the Nigerian stock market displayed positive growth during the week, with significant increases in both the NGX All-Share Index and market capitalisation.

He added that investors will be watching closely for further developments in the local economy and the performance of key industries, particularly in light of global economic trends as the market progresses into the New Year.

The volume of shares traded increased by 146.686 million, representing 20.68 per cent, as investors traded 855.965 million shares worth N13.2 billion in 16505 deals against 709.279 million shares valued at N8.2 billion exchanged hands the previous day in 13593 deals.

Transactions on the shares of Chams Plc led market activities with 80.764 million shares valued at N191.5 million, Veritas Kapital followed with account of 60.485 million shares cost N10.6 million, AccessCorp traded 54.330 million shares worth N1.3 billion, GTCO Plc exchanged 53.961 million shares valued at N3 billion, Prestige insurance traded 48.9 million shares cost N75.9 million.