Investors cash out ₦263bn as Stock Market roars back to life

By Taiye Olayemi

The Nigerian stock market opened the week strong on Monday, with investors recording a gain of ₦263 billion amid renewed interest in key stocks.

Stock Market capitalisation, which stood at ₦87.936 trillion at the close of trading last week, rose by 0.30 per cent or ₦263 billion to finish at ₦88.199 trillion.

Similarly, the All-Share Index advanced by 414.74 points or 0.30 per cent, closing at 139,394.75 compared with 138,980.01 recorded previously.

The bullish momentum was largely driven by gains in PZ Cussons Nigeria, University Press, Ellah Lakes, Legend Internet, NCR Nigeria and several others. Market breadth also closed positive, with 41 gainers against 18 laggards.

PZ Cussons Nigeria and University Press topped the gainers’ chart, appreciating by 10 per cent each to close at ₦35.20 and ₦5.50 per share respectively. Ellah Lakes rose by 9.94 per cent to ₦14.27, Legend Internet climbed 9.90 per cent to ₦5.44, while NCR Nigeria gained 9.84 per cent to settle at ₦13.95 per share.

On the flip side at the Stock Market, Nigerian Enamelware, Industrial and Medical Gases, Union Dicon Salt, and Thomas Wyatt Nigeria all shed 10 per cent each to close at ₦35.10, ₦33.30, ₦10.80, and ₦2.70 per share respectively. Academy Press also dipped by 9.95 per cent, ending at ₦8.60.

Trading activity remained robust, with 947.9 million shares worth ₦17.9 billion exchanged in 36,036 deals, compared with 1.82 billion shares valued at ₦15.9 billion traded in 24,612 deals during the previous session.

FCMB Group dominated the activity chart with 460.9 million shares valued at ₦4.74 billion. Universal Insurance followed with 42.2 million shares worth ₦53.4 million, while Royal Exchange recorded 35.2 million shares valued at ₦72.5 million. Zenith Bank traded 26.7 million shares valued at ₦1.73 billion, and FBN Holdings transacted 25.9 million shares worth ₦791 million.