After Wednesday’s trading, the Nigerian stock market remained optimistic as bargain hunting in Presco Plc and 71 stocks increased the all-share index (ASI) by 2.04%.
To be more precise, the ASI increased by 1,546.69 points, or 2.04%, to end at 77,537.57 points. Additionally, the market capitalization increased by N847 billion, ending at N42.43 trillion.
Gains in medium- and large-cap stocks, such as those in Presco, Conoil, BUA Foods, Stanbic IBTC Holding, and FBN Holdings (FBNH), had an impact on the upturn.
According to analysts at Vetiva Dealing and Brokerage, investors continued to take positions ahead of the full year’s results yesterday, maintaining the positive sentiment. In light of the recent strong run in the markets, we anticipate cautious trade with a slight bias tomorrow (today).
The market mood was bullish as indicated by market breadth, with 72 equities rising compared to seven losses.
Berger Paints, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), University Press, and Infinity Trust Mortgage Bank closed at N14.30, N63.25, N1.65, N9.90, N8.25, N7.26, N3.08, N59.40, N28.60, N2.64, and N7.26 kobo, respectively. These companies recorded the highest price gains of 10 cents each.
Following with gains of 9.99 percent each to close at N77.19 and N22.46, respectively, were Transcorp Hotel and Multiverse Mining and Exploration. TransNational Corporations (Transcorp) saw gains of 9.98 percent each to close at N10.47 kobo and N25.90 kobo.
Conversely, Learn Africa closed at N2.90 kobo, leading the losers’ chart by 9.09 percent. Champion Breweries came next, closing at N3.80 kobo after declining by 7.32%.
C&I Leasing closed at N5.03 kobo, down 2.33 percent. Ellah Lakes saw a 1.64 percent loss in value to conclude at N3, while the Nigerian Exchange Group saw a 1.7% decline to close at N23.1.
With 11,629 trades, 927.558 million units worth N10.691 billion were exchanged, a 79.83 percent increase in total volume transacted. The activity chart’s highest transaction value was N1.312 billion, or 108.113 million shares, in Fidelity Bank shares.
UBA traded 55.504 million shares valued at N1.544 billion, while FCMB Group came in second with 79.063 million shares worth N644.032 million.
Access Holdings sold 46.872 million shares for N1.184 billion, while Universal Insurance traded 50.597 million shares valued at N13.846 million.
