Stock Market roars: N259bn boom ignites investor frenzy

By Taiye Olayemi

The Nigerian equities market extended its bullish run on Tuesday, with the market capitalisation gaining N259 billion on the back of increased investor buying interest.

At the close of trading, the market capitalisation rose by 0.37 per cent to N70.894 trillion, up from N70.635 trillion recorded on Monday. Similarly, the All-Share Index (ASI) appreciated by 411.52 points to settle at 112,427.48.

The day’s rally was largely fuelled by renewed interest in mid- and large-cap stocks including Honeywell Flour Mill, SCOA Nigeria, SFS Real Estate Investment Trust, and Industrial & Medical Gases.

Market sentiment remained broadly positive, with 36 gainers outweighing 32 decliners.

Leading the gainers’ chart, Honeywell Flour Mill and SCOA Nigeria both advanced by 10 per cent to close at N22.00 and N5.39 per share, respectively. SFS Real Estate Investment Trust also surged 10 per cent to N226.60, while Industrial & Medical Gases rose 9.96 per cent to end at N37.00. International Energy Insurance climbed 9.82 per cent to close at N1.79.

On the losers’ side, Conoil shed 10 per cent to close at N268.30, while Learn Africa dropped 9.98 per cent to N3.88. Transcorp Hotels declined 9.97 per cent to N132.80, Julius Berger fell 9.94 per cent to N120.50, and Chellaram dipped 9.92 per cent to N9.53.

A total of 622.64 million shares valued at N16.12 billion were exchanged in 17,044 deals. Fidelity Bank led trading activity with 108.17 million shares worth N2.05 billion. Legend Internet Plc followed with 60.95 million shares at N344.36 million, while UBA moved 55.74 million shares valued at N1.93 billion.

GTCO traded 41.23 million shares worth N2.80 billion, and Access Corporation recorded 34.51 million shares valued at N754.43 million.