Stock Market Opens Year With N561 Billion Gain

The Nigerian stock market extended its bullish momentum on Friday, the first trading day of the year, with investors recording N561 billion gain on the back of sustained buying interest in major stocks.

Gains in FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance, Deap Capital Management, Aluminium Extrusion Industries and 48 other equities strengthened the market’s performance.

The market capitalisation, which opened at N99.376 trillion, added N561 billion or 0.57 per cent to close at N99.937 trillion.

Similarly, the All-Share Index rose by 0.57 per cent or 879.33 points, closing at 156,492.36 compared with 155,613.03 recorded on Wednesday.

Thursday was declared by the federal government as a public holiday to mark the new year.

The market breadth closed positive with 53 gainers and 10 losers.

FTN Cocoa Processors, ABC Transport, Mutual Benefits Assurance and Deap Capital Management led the gainers’ chart by 10 per cent each, finishing at N5.50, N4.51, N3.41 and N2.09 per share, respectively.

Also, Aluminium Extrusion Industries grew by 9.93 per cent, closing at N23.80 per share.

Conversely, Abbey Mortgage Bank led the losers’ chart by 6.25 per cent, settling at N6; First City Monument Bank trailed by 4.56 per cent, ending the session at N11.50, while Seplat Energy lost by 3.43 per cent, closing at N5,610 per share.

Similarly, Guinea Insurance dropped by 2.26 per cent, finishing at N1.30 and Universal Insurance dipped by 1.65 per cent, closing at N1.19 per share.

Analysis of the market activity revealed growth in the market deal but a decline in the value and volume when compared with the previous session.

A total of 439.9 million shares valued at N24.9 billion were exchanged in 40,245 transactions, compared with 1.23 million shares worth N35.13 billion that were traded across 27,884 deals earlier on Wednesday.

Meanwhile, Chams led the activity chart in volume with 120.3 million shares worth N455.09 million.

Linkage Assurance followed with 21.2 million shares valued at N38.3 million and Lasaco Assurance sold 19.5 million shares valued at N48.6 million.

Aradel Holdings traded 15.6 million shares, worth 10.74 billion while Access Corporation transacted 14.3 million shares valued at N317.3 million.

(NAN)