Business

Stocks market sustains bull run, up N316.75bn

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By Temitope Adebayo

The Nigerian stock market yesterday sustained its winning streak by N316 billion for the fourth day in a row, driven by positive sentiment seen in Seplat Energy Plc and 32 others.

The All-Share Index rose by 578.82 per cent, representing a gain of 0.57 per cent, to close at 102,149.93 points. Similarly, the overall market capitalisation value gained N316 billion to close at N 55.900 trillion. 

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, Geregu Power, Dangote Sugar Refinery, Ecobank Transnational Incorporated (ETI) and Guaranty Trust Holding Company (GTCO).

Market breadth was positive, with 33 gainers and 28 losers. Universal Insurance and Seplat Energy recorded the highest price gain of 10 per cent each to close at 44 kobo and N3,074.60 respectively, while AIICO Insurance followed with a gain of 9.84 per cent to close at N1.34, per share.

Japaul Gold & Ventures appreciated by 9.80 per cent to close at N2.80, while May & Baker Nigeria rose by 9.77 per cent to close at N7.30, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.91 per cent to close at N7.18, per share. Honeywell Flour Mills followed with a decline of 9.70 per cent to close at N4.47, while Linkage Assurance dipped by 8.40 per cent to close at N1.20, per share. 

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UPDC Real Estate Investment Trust shed 8.06 per cent to close at N5.70, while McNichols lost 7.53 per cent to close at N1.35, per share.  

The total volume increased by 3.2 per cent to 504.19 million units, valued at N10.30 billion, and exchanged in 12,235 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 74.876 million shares valued at N2.248 billion. Transnational Corporation (Transcorp) followed with 34.186 million shares worth N581.076 million, while Sterling Financial Holdings Company traded 33.069 million shares valued at N210.444 million.

Japaul Gold & Ventures traded 31.935 million shares valued at N87.980 million, while Access Holdings transacted 27.499 million shares worth N788.678 million.

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