The Nigerian stock market kept going up yesterday, adding N111 billion to its total value. This was because investors still felt good about big stocks like Julius Berger Plc, Lafarge Africa, and NEM Insurance.
The All-Share Index went up by 175.12 points, which is a 0.12% increase, to end at 146,055.89 points. The total market value rose to N92.405 trillion. This rise happened because people were again interested in both large and mid-sized stocks. Julius Berger, Lafarge Africa, AXA Mansard Insurance, Champion Breweries, and NEM Insurance all saw good gains.
The News Chronicle understands that investors are feeling better because they think there will be more money available and that interest rates might go down. This makes stocks look good to people in the market. Experts say that what’s happening now is more about moving money between different sectors and taking profits from earlier increases, rather than people being afraid to take risks. So, when prices drop a little, investors see it as a chance to buy.
More stocks went up than down, with 50 stocks gaining value and 29 losing. The stocks that rose the most included Associated Bus Company, Champion Breweries, Ellah Lakes, Sunu Assurance, AXA Mansard Insurance, Prestige Assurance, Wapic Insurance, and The Initiates Plc (TIP). They all went up by 10%. Julius Berger was next, rising by 9.99% to N147.60, and Mutual Benefits Assurance increased by 9.97% to N3.53.
On the other hand, Juli Plc fell the most, dropping 10% to N9 per share. Unilever Nigeria went down 9.97% to N71.30, and Custodian Investment decreased by 9.55% to N37.90. Academy Press also fell 7.78% to N8.30, while May & Baker Nigeria dropped 7.69% to N18.
The number of trades slowed down, with the total volume falling by 39.6% to 1.277 billion units worth N24.255 billion in 31,155 deals. Lasaco Assurance had the most activity, with 107.216 million shares worth N439.21 million, followed by Japaul Gold & Ventures with 106.9 million shares valued at N302.655 million. Sterling Financial Holdings recorded 97.834 million shares worth N784.452 million, while AIICO Insurance and Access Holdings traded 64.992 million and 61.09 million shares respectively.
