Nigerian stock market appreciates by N13bn, closes at N13.254tn

The Nigerian Stock Exchange market capitalisation closed upbeat on Wednesday, growing by N13bn, amid increased investors’ confidence in the equities market.

Opening at N13.241tn, the market rose by N13bn (0.10 per cent) to close at N13.254tn.

In the same vein, the All-Share Index further gained 24.53 points (0.10 per cent) to close at 25,407.96 compared with 25,383.43 achieved on Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, among which are: Presco, MTN Nigeria, Stanbic IBTC Holdings, Ecobank Transnational Incorporated and Skyway Aviation Handling Company.

Chief Operating Officer, InvestData Limited, Ambrose Omordion, said the uptrend movement of funds to the stock market was occasioned by low yield in money market instruments.

Omordion believes the market would likely experience mixed trend in the days to come due to profit taking.

“We expect the mixed trend to continue, despite profit-taking, as investors’ positioning reveals confidence among the market players,” he said.

Neimeth International Pharmaceuticals, for the second consecutive day, led the gainers’ table in percentage terms, appreciating by 9.70 per cent to close at N1.47, per share. Skyway followed with 9.66 per cent to close at N2.27, while Presco increased by 9.04 per cent to close at N45.25 per share. Japaul Oil grew by 8.33 per cent to close at 26k, while Lasaco Assurance appreciated by eight per cent to close at 27k per share.

Conversely, PZ Cussons led the losers’ chart dropping by 9.43 per cent, to close at N4.80 per share. C & I Leasing followed with a loss of 9.35 per cent to close at N4.85, while Afromedia dipped 8.70 per cent to close at 21k per share. Cornerstone Insurance and UACN shed 8.33 per cent each to close at 55k and N7.70 per share, respectively.

Transactions in the shares of FBN Holdings topped the activity chart with an exchange of 50.29m shares valued at N277.26m.

Nigerian Breweries came second with 45.93m shares worth N2.02bn, while Guaranty Trust Bank accounted for 42.39m shares valued at N1.06bn. Japaul Oil sold 23.10m shares worth N5.99m, while Zenith Bank transacted 21.79m shares valued at N373.02m.

In all, the total volume of shares traded dipped 6.49 per cent to 353.33m shares valued at N7.04bn exchanged in 4,659 deals.

This was in contrast with 377.88m shares worth N6.06bn transacted  in 4,585 deals on Tuesday.

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