Market madness: Equities add N285bn in one day as big players lead surge

The Nigerian stock market kicked off the new week on a strong note, extending last Friday’s rally with a fresh gain of N285 billion in market capitalisation.

Driven by renewed investor appetite in heavyweight stocks such as Julius Berger, Cutix, Regency Alliance Insurance, Veritas Kapital, MC Nicholas and 36 others, the market indices closed higher, consolidating bullish momentum.

At the close of trading on Monday, market capitalisation rose by 0.31 per cent to settle at N89.493 trillion, up from N89.208 trillion on Friday. Similarly, the All-Share Index (ASI) advanced by 435.63 points or 0.31 per cent, closing at 141,439.77.

The stock market breadth was positive, with 40 gainers outweighing 17 losers. Julius Berger topped the gainers’ chart, appreciating by 9.93 per cent to close at N146.10.

Cutix Plc followed with a 9.86 per cent rise to N3.90, while Regency Alliance Insurance and Veritas Kapital surged 9.70 per cent and 9.60 per cent, closing at N1.47 and N2.17 per share respectively. MC Nicholas also advanced by 9.38 per cent to N3.50.

On the flip side at the stock market, University Press led the losers with a 9.92 per cent drop to N5.54, while Cadbury Nigeria shed 9.61 per cent to close at N57.85. Abbey Mortgage Bank, DAAR Communications, and Austin Laz also slipped by 8.39 per cent, 7.44 per cent, and 6.55 per cent respectively.

Stock Market activity, however, witnessed a slowdown in both volume and value of trades, despite an increase in the number of deals. A total of 591.2 million shares worth N11.7 billion exchanged hands in 33,342 transactions, compared with 1.3 billion shares valued at N47.8 billion traded in 25,916 deals last Friday.

FCMB dominated the activity chart with 105.13 million shares worth N1.14 billion, followed by Veritas Kapital with 59.6 million shares valued at N128.8 million. Universal Insurance, AIICO Insurance, and Guaranty Trust Holding Company also featured actively, trading 34.4 million, 26.2 million, and 25 million shares worth N45.2 million, N111.9 million, and N2.4 billion respectively. (NAN)