The Nigerian Exchange Limited (NGX) sustained positive sentiments, occasioned by gains in Geregu Power Plc and 23 stocks, causing market capitalisation to rise further by N329 billion.

Yesterday, the all-share index (ASI) gained 601.72 points, representing a gain of 0.58 per cent to close at 104,100 points. Also, market capitalisation rose by N329 billion to close at N56.962 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Geregu Power, BUA Cement, BUA Foods, Fidelity Bank and Honeywell Flour Mills.

As measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 26 losers. University Press emerged the highest price gainer of 9.96 per cent to close at N2.87 kobo. Juli followed with a gain of 9.84 per cent to close at N1.34 kobo while Mutual Benefits Assurance advanced by 9.38 per cent to close at 70 kobo.

DAAR Communications rose by 8.82 per cent to close at 74 kobo, while Honeywell Flour Mills also appreciated by 7.5 per cent to close at N4.30 kobo. On the other side, Unilever Nigeria led others on the losers’ chart with 9.80 per cent to close at N16.10 kobo.

Julius Berger followed with a decline of 9.64 per cent to close at N50.60 kobo while Morison Industries shed 9.60 per cent to close at N2.73 kobo.
May & Baker Nigeria lost 6.52 per cent to close at N6.45 kobo while NASCON Allied Industries depreciated by 5.37 per cent to close at N59.05 kobo.

The total volume traded declined by 33.35 per cent to 284.489 million units, valued at N6.914 billion, and exchanged in 8,168 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 56.605 million shares worth N2.215 billion.

Transnational Corporation (Transcorp) followed with account of 33.174 million shares valued at N418.312 million, while United Bank for Africa (UBA) traded 18.376 million shares valued at N452.958 million.

Mutual Benefits Assurance traded 16.765 million shares worth N11.475 million, while AXA Mansard Insurance traded 12.513 million shares worth N75.575 million.

Meanwhile, representatives of the board and management of Nigerian Exchange Group (NGX) and key stakeholders from the capital market community paid condolence visits to the families of late Bamofin Abimbola Ogunbanjo and Herbert Wigwe.

Led by Dr Umaru Kwairanga, Group Chairman of NGX Group, the delegation included representatives from Chartered Institute of Stockbrokers (CIS), Association of Dealing Houses of Nigeria (ASHON), Central Securities Clearing System (CSCS) Plc, and NG Clearing.

Expressing deep condolences to the Ogunbanjo family, Alhaji Kwairanga highlighted Bamofin Ogunbanjo’s esteemed leadership in the capital market, emphasizing his kindness and humility.

Group CEO of NGX Group,Temi Popoola, acknowledged Ogunbanjo’s significant impact on the Nigerian capital market and his transformative leadership during his tenure as Council President of the Exchange and the first Group Chairman of NGX Group. Outgoing Group CEO, Oscar N. Onyema, mourned the loss, stating, “It is a very painful loss, and only God can grant this family the strength to bear this loss.”

The CIS president, Oluwole Adeosun, remembered Ogunbanjo as a dependable and trustworthy supporter of the institute, while Haruna Jalo-Waziri, CEO of CSCS, described him as a good man to the core.