Stock Market Cap Nears N30trn as Investors Gain N165bn
Investors in the equities segment of the Nigerian Exchange (NGX) on Friday remained bullish ahead of 2023 presidential election on Saturday. The positive sentiment seen in the local bourse pushed the stock market capitalisation near N30 trillion.
Largely, investors appear to unanimously wave off election jittery despite red signals in the economy, especially, the new naira note scarcity that has reduced economic activities to a larger extent.
Data from the local bourse indicates that the equities market capitalisation gained N165 billion, following price appreciations recorded in BUA Foods, MRS and Conoil shares.
Specifically, investors gained N165 billion or 0.55 per cent in value as market capitalisation went up to close at N29.933 trillion as against N29.768 trillion recorded at the previous trading session.
Consequently, the All-Share Index (ASI) rose by 392.83 points, representing a gain of 0.55 per cent to close at 54,949.21 from 54.646 38 on Thursday.
Market breadth closed positive with 31 gainers in contrast with 12 losers. The Initiative, John Holt and McNichols led the gainers’ chart in percentage terms with 10 per cent each to close at 44k, N17.60 and 66k per share respectively.
Conoil grew by 9.94 per cent to close at N42.60, while MRS garnered 9.89 per cent to close at N30.55 per share. Conversely, Living Trust Mortgage Bank led the losers’ chart in percentage terms by 10 per cent to close at N2.70 per share.
Cornerstone Insurance followed with a decline of 7.69 per cent to close at 60k per share. Courteville Business Solutions lost 4.17 per cent to close at 46k, while Regency Alliance Insurance shed 3.45 per cent to close at 28k per share.
Japaul Oil & Venture fell by 3.33 per cent to close at 29k per share. The total value of traded shares grew by 16 per cent with a sale of 119.2 million shares worth N2.5 billion traded in 2,820 deals.
Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 14.14 million shares valued at N358.25 million. Transcorp followed with 11.02 million shares worth N14.06 million, while Access Bank traded 10.93 million shares valued at N100.12 million.
Fidelity Bank traded 9.44 million shares valued at N47.59 million, while Zenith Bank transacted 8.13 million shares worth N206.66 million. # Stock Market Cap Nears N30trn as Investors Gain N165bn
