Yuletide rally continues as capitalisation rises by N258 billion

The Nigerian Exchange Limited (NGX) sustained positive sentiment yesterday, occasioned by share price appreciations in Aradel Holdings Plc and 41 others as market capitalisation increased further by N258 billion.

The benchmark all-share index (ASI) increased by 426.52 points, representing a gain of 0.43 per cent to close at 100,477.46 points. Also, market capitalisation rose by N258 billion to close at N60.908 trillion.

The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are Aradel Holdings, MRS Oil Nigeria, Eterna, Guinness Nigeria and Oando.

On market outlook, analysts at Afrinvest said:” Investor sentiment, as measured by market breadth, strengthened to 0.38x (previously -0.01x) as 42 stocks advanced, 18 declined. Tomorrow (today), we expect the bourse to maintain its positive streak, fueled by improved investor sentiment.”

As measured by market breadth, market sentiment was positive, as 42 stocks gained relative to 19 losers. MRS Oil Nigeria emerged as the highest price gainer of 9.99 per cent to close at N159.70 kobo. Learn Africa followed with a gain of 9.97 per cent each to close at N3.53 kobo. International Energy Insurance advanced by 9.77 per cent to close at N1.46 kobo.

Wapic Insurance increased by 9.74 per cent to close at N1.69 kobo, while Livestock Feeds was up by 9.73 per cent to close at N3.72 kobo. On the other side, Africa Prudential led others on the losers’ chart with 10 per cent to close at N14.40 kobo. John Holt followed with a decline of 9.96 per cent to close at N6.51, while Guinea Insurance shed 8.33 per cent to close at 66 kobo.

Deap Capital Management and Trust lost 5.26 per cent to close at N1.08 kobo while Consolidated Hallmark Holdings depreciated by 4.17 per cent to close at N2.30 kobo.

However, the total volume traded declined by 18.5 per cent to 389.701 million units, valued at N9.199 billion, and exchanged in 9,573 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity with 43.558 million shares worth N216.662 million.

United Bank for Africa (UBA) followed with 26.219 million shares valued at N874.917 million, while Fidelity Bank traded 25.648 million shares valued at N398.348 million. Universal Insurance traded 18.462 million shares worth N6.789 million, while AIICO Insurance traded 16.23 million shares worth N21.561 million.