The Nigerian stock market maintained its increasing character at the close of trading yesterday, as price increases in Seplat Energy Plc and 16 other companies increased the entire market capitalization by N1.559 trillion.
Yesterday, the All-Share Index increased 2,848.85 percent, or 2.97 percent, to close at 98,616.97 points. Similarly, the whole market capitalization increased by N1.559 trillion, closing at N53.967 trillion.
The market’s good performance was led by price appreciation in large and medium-capitalized firms such as Seplat Energy, Dangote Cement, BUA Foods, BUA Cement, and MTN Nigeria Communications (MTNN).
Coronation Asset Management provided the following statement regarding market performance: “We maintain that investors positioning themselves ahead of results and dividends for 2023, as well as the customary January surge, can be linked to positive sentiment.”
“Tomorrow, we expect the market to sustain gains in the absence of negative shocks,” stated Afrinvest Limited.
According to Vetiva Dealings and Brokerage: “We anticipate that tomorrow will see a slowdown in the sell-offs as some investors start to enter the market at these lower levels. Nonetheless, we anticipate a negative market close if there are no price increases in the large-cap counters.”
Market breadth was used to gauge investor mood, and it closed lower with 17 stocks rising and 58 falling. The largest price gains were achieved by Seplat Energy and BUA Cement, which closed at N2,795.10 and N163.35 kobo, respectively, and 10.9% and 9.99 percent, respectively, ahead of Dangote Cement, which closed at N651.80 kobo.
Meyer saw a 9.88% increase to close at N3.56 kobo, while Eterna saw a 9.92% increase to close at N27.70 kobo.
The Initiates Plc (TIP), Mutual Benefits Assurance, PZ Cussons Nigeria, N2.70, N7.38, 72 kobo, N31.50, 63 kobo, and N2.70, respectively, led the losers’ chart by ten percent. In contrast, DEAP Capital Management & Trust, Hohn Holt, May & Baker, Mutual Benefits Assurance, and PZ Cussons Nigeria led the winners’ chart.
Jaiz Bank lost 9.97 percent to settle at N2.80 kobo, while Transnational Corporations (Transcorp) trailed with a fall of 9.99 percent to close at N16.39.
In addition, the overall amount of trade rose by 3.56% to 747.515 million units, valued at N16.276 billion, and 16,589 deals were exchanged. Transcorp transactions of 77.711 million shares, valued at N1.292 billion, topped the activity chart.
United Bank for Africa (UBA) traded 52.700 million shares valued at N1.580 billion, while Sterling Financial Holdings Company came in second with 72.311 million shares worth N485.730 million.
Zenith Bank transacted 32.027 million shares worth N1.344 billion, while Access Holdings traded 47.166 million shares valued at N1.353 billion.
