The Nigerian stock market yesterday crossed the N80trillion mark by market capitalization, underscoring sustained investor confidence in mid-low capitalized stocks.
The market capitalization gained N341 billion in opening trading activities in the new week to N80.144 trillion from N79.803 trillion it opened for trading.
Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) gained by 539.59 basis points or 0.43 per cent to close at 126,689.54 basis points from 126,149.59 basis points it closed for trading last week. zs
Market breadth was positive, with 45 gainers outpacing 36 losers, reinforcing the bullish tone across sectors. Secure Electronic Technology recorded the highest price gain of 10 per cent to close at N1.10, per share. Abbey Mortgage Bank followed with a gain of 9.99 per cent to close at N7.60, while Ikeja Hotel rose by 9.95 per cent to close at N22.10, per share.
NcNichols went up by 9.92 per cent to close at N4.32, while Tripple Gee & Company appreciated by 9.78 per cent to close at N3.93, per share. On the other hand, Cutix, RT Briscoe (Nigeria), Tantalizers and Caverton Offshore Support Group led the losers’ chart by 10 per cent each to close at N4.14, N3.96, N2.70 and N7.20 respectively, per share
Neimeth International Pharmaceuticals followed with a decline of 9.95 per cent to close at N8.24, while Ellah Lakes declined by 9.90 per cent to close at N11.38, per share.
However, the total volume traded declined by 7.39 per cent to 1.287 billion units, valued at N32.306 billion, and exchanged in 39,431 deals. Transactions in the shares of Access Holdings topped the activity chart with 138.031 million shares valued at N3.502 billion. Japaul Gold & Venture followed with 93.370 million shares worth N292.930 million, while AIICO Insurance traded 93.356 million shares valued at N220.549 million.
United Bank for Africa (UBA) traded 68.791 million shares valued at N3.055 billion, while Jaiz Bank sold 59.651 million shares worth N231.089 million.
Looking ahead, Coronation Merchant Bank said, “market participants are likely to adopt a more cautious stance as they await the June CPI print. Nonetheless, we anticipate that the submission of Capital Restoration Plans and quarterly disclosures on performance and compliance metrics, as mandated by the CBN, will further strengthen investor confidence in the banking sector”.
“Overall, investor positioning is generally expected to intensify across the board ahead of the start of the half-year earnings season.”
