Nigerian Stock Market Sees Uptick in 72 Stocks, Boosting Index by 2.06%
The Nigerian equities market has witnessed a notable positive upswing, marked by 72 stocks contributing to a 2.04 per cent increase in the all-share index (ASI) at the conclusion of yesterday’s trading session. This surge was primarily fuelled by heightened investor interest in Presco Plc and 71 other stocks, resulting in the ASI closing at 77,537.57 points and market capitalization reaching N42.43 trillion.
Several medium and large capitalised stocks, including Presco, Conoil, BUA Foods, Stanbic IBTC Holding, and FBN Holdings, experienced gains, which bolstered market sentiment. Analysts at Vetiva Dealing and Brokerage have opined that this positive trend may be attributed to investors positioning themselves ahead of upcoming full-year results. It is anticipated that this momentum will persist into the next trading session, albeit with a more cautious approach.
Market breadth remained positive, with 72 stocks recording gains as opposed to only seven losers. Notable stocks such as Berger Paints, Dangote Sugar Refinery, Custodian Investment, FCMB Group, and United Bank for Africa (UBA) witnessed significant increases in their share prices on the price movement chart.
On the flip side, Learn Africa and Champion Breweries experienced declines, while C&I Leasing, Nigerian Exchange Group, and Ellah Lakes also saw drops in their stock prices.
Overall, the total volume of trade witnessed a considerable uptick, reaching 927.558 million units valued at N10.691 billion, and exchanged in 11,629 deals. Fidelity Bank, FCMB Group, UBA, Universal Insurance, and Access Holdings were among the most actively traded stocks during this period.
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