Following gains made by numerous blue-chip companies, particularly Nigerian Aviation Handling Company (NAHCO) and Julius Berger, the Nigerian stock market reversed losses yesterday to conclude buoyant as market capitalization rose by N12 billion.
In conclusion, the All-Share Index (ASI) increased by 7.19 absolute points to close at 51,563.73 points, an increase of 0.01 percent. To settle at N27.807 trillion, the market capitalization as a whole increased by N12 billion.
The price increases in the major and medium-capitalized equities of Nigerian Aviation Handling Company (NAHCO), Julius Berger, Champion Breweries, Honeywell Flour Mills, and Access Holdings were the main drivers of the market’s strong performance.
“Stock market closed transactions for yesterday flat, as bargain hunting and hesitancy continue to lag the market,” GTI Securities Limited reported. Throughout the week, cautious trading is what we anticipate.
“We foresee another mixed conclusion to the week,” said Vetiva Dealing and Brokerage. “Investors continue to trade cautiously while still judiciously selecting fundamentally sound companies at appealing entry positions.”
As 15 equities increased in value opposed to 10 declining ones, the market breadth ended up being positive. Academy Press saw the largest price increase, up 9.55 percent, as its shares closed at N1.72.
Following NAHCO, which increased by 9.41% to close at N9.30, FTN Cocoa processors increased by 9.38% to close at 35 kobo per share.
Ikeja Hotels increased by 8.20% to close at N1.32 a share, while Honeywell Four Mills increased by 8.39% to conclude at N2.97. To close at N3.89 kobo, Champion Breweries gained 8.06 percent.
The closing price of 49 kobo for Unity Bank increased by 4.26 percent. To close at 84 kobo, Jaiz Bank had a 3.70 percent increase. To close at N1.28 kobo, TransNational Corporation saw a 2.40 percent increase. In order to lose at N27.10 kobo, Julius Berger also increased by 2.26 percent.
R.T. Briscoe Nigeria, on the other hand, topped the losers’ chart by 8.11% to settle at 34 kobo per share. Following suit, UACN Property Development Company (UPDC) fell 7.87% to close at N1.17, while Regency Alliance Insurance fell 7.14% to settle at 25 kobo per share.
FBN Holdings (FBNH) fell by 3.20 percent to settle at N10.60 a share, while Japaul Gold and Ventures lost 3.45 percent to close at 28 kobo. United Capital fell 78% to settle at N12.70 kobo, while First City Monument Bank and Fidelity Bank both lost 1.23 percent to close at N3.20 kobo. In order to close at N7.45 kobo, United Bank for Africa (UBA) had a 67% decline. NGXGroup also had a slump, falling 67% to close at N22.35 kobo.
In the meantime, there were 3,874 trades totaling 143.288 million units for N1.756 billion, an increase of 5.94%. The highest volume of trading was in the 42.104 million shares of Jaiz Bank valued at N36.608 million.
Sterling Bank traded 9.414 million shares valued at N14.080 million, followed by Guaranty Trust Holding Company (GTCO) with 19.451 million shares worth N396.761 million.
NAHCO traded 5.175 million shares worth N46.141 million, while United Bank for Africa (UBA) traded 6.868 million shares valued at N51.370 million.