Investors gain N493bn as stock market hits 15-year high


Transactions on the floor of Nigerian Exchange Limited closed for the two-day Sallah break on a positive note as the All Share Index crossed the 60,000 level for the first time since March 2008.

This was as Nigerian stocks climbed to a 17-year high due to price appreciation in the shares of GTCO (+5.20 per cent), AccessCorp (+3.61 per cent) and Japaul Gold (+8.47 per cent).

As a result, the All Share Index (ASI) rose 1.30 per cent higher to close at 60,109.14 points while market capitalisation which opened at N32.309 trillion, grew by N421bn to close at N32.729tn.

With Monday’s N72bn gain, investors have now pocketed N493bn since the market resumed trading this week

The market’s year-to-date (YTD) return rose to +17.28 per cent. From a sectoral perspective, gains in Banking (+3.5 per cent), Oil and Gas (+3.21 per cent), Consumer Goods (+0.40 per cent), Industrial Goods (+0.17 per cent), and Insurance (+0.15 per cent) indices reflected the overall market performance.

The total volume of stocks traded grew by 38.2 per cent to 763.69 million units, valued at N12.533bn which exchanged hands in 9,463 deals as against 552.69 million units, valued at N13.06bn and exchanged in 8,052 deals in the previous trading session.

AccessCorp was the most traded stock, trading about 111.66 million units worth N1.74bn, GTCO followed with the sale of 78.98 million units valued at N2.69bn while UBA transacted 72.29 million units valued at N87.82bn.

By market breadth, market sentiment was positive as 51 securities appreciated in value while 13 others depreciated.

Afromedia led the gainers’ chart with 10 per cent to close at 0.22 kobo per share. Courtville was next with 10 per cent to close at 0.66 kobo, Ikeja Hotel advanced by 10 per cent to close at N3.63, Omatek added 10 per cent to close at 0.33 kobo while Transcorp Hotels garnered 9.97 per cent to close at N21.29.

Redstarex led the losers’ chart with 10 per cent to close at N3.15 per share. C&I leasing was next with 9.79 per cent to close at N3.50, Morison dropped 9.22 per cent to close at N1.97, Sovereign Insurance lost 7.41 per cent to close at 0.50 kobo while May&Baker fell by 6.42 per cent to close at N5.10.

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