The Nigerian equities market embarked on a bullish journey as BuaFoods, Stanbic IBTC, and a host of 29 other stocks surged, resulting in an impressive market performance that propelled capitalization up by N262 billion.
Concluding trading on the latest session, the market capitalization of listed equities witnessed a notable 0.74 percent rise, reaching N35.684 trillion from N35.42 trillion recorded the previous day.
Additionally, the all-share index (ASI) soared by 481.32 basis points to achieve 65202.41 points, a significant upturn from the 64721.09 points traded on the preceding Friday.
The Nigerian Exchange Limited (NGX) experienced this positive shift primarily due to gains achieved in medium and large capitalised stocks. Notable contributors to this surge included Buafoods, Stanbic IBTC, Dangote Sugar Refinery, Nigerian Aviation Handling Company, GlaxoSmithKline, and National Salt Company of Nigeria.
Experts from Vetiva Dealings and Brokerage observed that despite a slight decline in the banking sector, market sentiment remained generally bullish. The positive market breadth was evident with a ratio of 2.07x (31 advancers and 15 losers). Analysts expect another mixed session in the immediate future.
Among the stocks, 31 registered gains while 15 faced losses.
Leading the gainers’ roster was JohnHolt, exhibiting a remarkable gain of 9.66 percent to conclude at N1.59 kobo, followed by SCOA Plc, which achieved a gain of 9.40 percent to end at N1.28 kobo. BUAFoods experienced an increase of 9.29 percent to close at N152.90 kobo, while Mansard rose by 6.85 percent to N3.90 kobo. Livestock followed suit with a gain of 6.82 percent, closing at N1.88 kobo.
TransNational Corporation of Nigeria (Transcorp) witnessed a 5.29 percent increase, closing at N438 kobo. Similarly, GlaxoSmithKline gained 5.15 percent, closing at N10.20 kobo.
AIICO insurance secured a 4.48 percent gain, closing at N19. Nigerian Aviation Handling Company achieved a 4.40 kobo increase, closing at N19.
Guinea insurance experienced a 3.45 percent increase, ending at 70 kobo. Dangote Sugar Refinery concluded with a 2.86 percent gain, reaching N36.
Conversely, Tantalizer recorded the most substantial loss of 10 percent, ending at 36 kobo. Omatek followed with a loss of 9.09 percent, concluding at 30 kobo.
Jaiz Bank experienced a dip of 7.78 percent, closing at N1.54 kobo, while Chi Plc declined by 7.61 percent to N0.85 kobo. Cornerstone Insurance decreased by 6.15 percent, ending at N1.22 kobo.
Chams faced a four kobo depreciation, closing at 96 kobo. Veritas Kapital witnessed a 3.85 percent decline, reaching 25 kobo. Fidelity Bank lost 3.38 kobo, closing at N7.15 kobo.
RedStar Express experienced a 3.03 percent dip, closing at N3.20 kobo.
Honeywell Flour Mills registered a 2.50 percent loss, concluding at N3.12 kobo. Sunu Assurance faced a 2.44 percent decrease, ending at 80 kobo. FBN Holdings dipped by 1.60 percent, closing at N18.50 kobo.
Trade volume decreased by 56.91 percent, with investors trading 231.599 million shares valued at N3.992 billion in 5494 deals.
This is compared to the previous day’s activity where 537.584 million shares worth N9.394 billion were exchanged in 5893 deals.
Transcorps dominated the market activities, trading 36.837 million shares valued at N159.312 million. Universal Insurance followed with 16.989 million shares worth N3.611 million. GTCO Plc traded 15.442 million shares worth N563.447 million.
Jaiz Bank witnessed 14.464 million shares valued at N22.895 million, while Chi Plc exchanged 12.754 million shares worth N10.69 million.
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