Kayode Tokede

The Nigerian stock market yesterday gained N1.44trillion to push the market capitlisation above the N81 trillion mark on investors demand for listed banking stocks. 

Notable buy pressure in key stocks like: Stanbic IBTC Holdings, Guaranty Trust Holding Company (GTCO), Zenith Bank Plc, United Bank for Africa Plc (UBA), Fidelity Bank Plc, Ecobank Transnatinal Incporoated (ETI) FCMB Group Plc, Dangote Cement Plc and MTN Nigeria Communications (MTNN) drove the market’s strong performance.

On the gain in GTCO, and  40 others, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 2,277.54  basis points or 1.20 per cent to close at 128,967.08 basis  points from 126,689.54 basis points it opened for trading

Consequently, market capitalisation rose by N1.44 trillion to close at N81.585 trillion from N80.143 trillion it opened for trading.

Despite the overall positive tone, market breadth was slightly negative, with 41 gainers trailing 44 decliners. Eunisell Interlinked, Nestle Nigeria, Omatek Ventures and Secure Electronic Technology emerged the highest price gainer of 10 per cent each to close at N14.85, N1,650.00, N1.76 and N1.21 respectively, per share.

Tripple Gee and Company increased rose by 9.92 per cent to close at N4.32, while First HoldCo appreciated by 9.90 per cent to close at N32.20, per share.

On the other side, FTN Cocoa processors and NPF Microfinance Bank led others on the losers’ chart with 10 per cent each to close at N7.02 and N2.43 respectively, while C&I Leasing followed with a decline of 9.97 per cent to close at N7.13, per share.

Champion Breweries down by 9.96 per cent to close at N12.29, while Academy Press depreciated by 9.95 per cent to close at N8.33, per share.

The total volume traded advanced 807.03 per cent to 11.671 billion units, valued at N363.412 billion, and exchanged in 36,635 deals. Transactions in the shares of First HoldCo led the activity with 10.467 billion shares worth N324.473 billion. United Bank for Africa (UBA) followed with account of 157.540 million shares valued at N7.623 billion, while Access Holdings traded 124.641 million shares valued at N3.265 billion.

Universal Insurance traded 124.079 million shares worth N89.988 million, while Zenith Bank traded 66.280 million shares worth N5.085 billion.

On market outlook, Afrinvest Limited said, “we expect the bourse to sustain the upbeat momentum as investors continue to engage in strategic positioning.”