Nigeria stock market resumes December with N55bn gain

The Nigeria stock market on Tuesday sustained bullish sentiment to open the month of December with N55 billion growth due to buying interests in Tier 1 banks.

Consequently, the market capitalisation rose by N55 billion or 0.30 per cent to close at N18.364 trillion compared with N18.309 trillion posted on Monday.

Also, the All-Share Index grew by 105.48 points or 0.30 per cent to close at 35,147.62 from 35,042.14 recorded on Monday.

Accordingly, month-to-date and year-to-date return increased to 15.1 per cent and 30.9 per cent, respectively.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are; Guaranty Trust Bank, Seplat, Zenith Bank, Caverton and Cutix.

Market analysts at APT Securities and Funds Ltd., anticipated more bullish run amidst short term profit taking as the trading week unfold.

Caverton dominated the gainers’ chart in percentage terms, growing by 9.88 per cent to close at N1.89 per share.

Cutix followed with 9.80 per cent to close at N1.68, while AIICO Insurance rose by 9.78 per cent to close at N1.01 per share.

Chams went up by 8.70 per cent to close at 25k, while McNichols appreciated by 8.51 per cent to close at 51k per share.

Conversely, Cornerstone Insurance led the laggards’ chart in percentage terms, losing by 10 per cent to close at 54k per share.

Consolidated Hallmark Insurance dipped 9.68 per cent to close at 28k, while Prestige Assurance declined by 9.09 per cent to close at 50k per share.

Lasaco Assurance declined by 8.82 per cent to close at 31k, while Mutual Benefits Assurance shed 8.70 per cent to close at 21k per share.

Transactions in the shares of Access Bank topped the activity chart with 43.37 million shares valued N376.48 million.

FBN Holdings followed with 31.94 million shares worth N229.79 million, while Mutual Benefits Assurance sold 24.44 million shares valued N5.16 million.

United Bank for Africa accounted for 24.09 million shares worth N200.21 million, while Guaranty Trust Bank transacted 24.06 million shares valued N859.15 million.

In all, the total volume of shares traded closed with an exchange of 308.18 million shares valued N3.40 billion in 4,515 deals, a decrease of 25.8 per cent.

This was in contrast with a turnover of 415.53 million shares worth N4.89 billion achieved in 5,264 deals on Monday.