Stock market hits seven-month high, investors gain N328bn

Equity investors gained N327.65bn on Thursday as the Nigerian Exchange Limited’s core index rose to its highest in eight months amid bullish buyer interest.

The NGX ASI rose by 1.59 per cent at the end of trading to close at 40,221.17 basis points, its highest since recording 40,465.32bps on February 17, 2021. The market capitalisation of stocks also increased to N20.96tn from N20.63tn the previous day.

Trading volumes jumped by 120.65 per cent as 1.05 billion shares valued at N7.42bn were exchanged in 3,752 deals from 474.37 million shares worth N4.01bn in 3,547 deals on Wednesday. The NGX Premium and Main-Board indices appreciated by 3.08 per cent and 0.07 per cent respectively.

Analysing by sectors, the NGX Banking, Oil and Gas, Consumer Goods, and Insurance indices declined by 0.30 per cent, 0.12 per cent, 0.13 per cent and 0.03 per cent respectively while the NGX Industrial grew by 3.92 per cent.

Market sentiment as measured by market breadth was positive as 20 tickers gained while 14 firms lost. University Press Plc led the gainers as its share price rose by 9.82 per cent to close at N1.23. Pharma-Deko Plc followed with a 9.81 per cent increase, ending the day at N2.35 per share. Other major gainers were May and Baker Nigeria Plc (+9.17 per cent), Sovereign Trust Insurance Plc (+9.09 per cent), and Consolidated Hallmark Insurance Plc (+7.55 per cent).

Atop the losers’ chart was Chams Plc with 8.70 per cent drop to N0.21 per share. Axa Mansard Insurance Plc declined by 4.12 per cent to close at N2.33 per share. Jaiz Bank Plc, Livestock Feeds Plc and Japaul Gold and Ventures Plc also saw losses on Thursday at -3.23 per cent, -2.69 per cent and -2.22 per cent.

Analysts at Atlas Portfolios Limited said, “Bull in the Nigeria equity market sustained dominance as investors’ wealth grew by N323bn, following the price appreciation in the high and medium price stocks like Dangote Cement Plc, Nigerian Breweries, Lafarge Africa Plc, Guaranty Trust Holding Company Plc, among others.

“Similarly, the market activities traded bullishly, as the total volume and value both rose significantly.”

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