Stock market gains N148bn on increased buying interest

The Nigerian stock market extended its positive trend, appreciating by N148 billion amid increased buying interest.

Market capitalisation rose by N148 billion or 0.22 per cent, to close at N66.257 trillion, compared with N66.109 trillion on Thursday.

Similarly, the All-Share Index (ASI) also climbed by 234.52 points or 0.22 per cent, to settle at 105,660.64.

The uptrend was driven by strong buying interest in medium and large cap stocks such as GTCO, NASCON and MRS.

Additionally, the release of full-year financial results and corporate actions from some listed companies further boosted investor confidence.

Meanwhile, the market breadth closed negative with 32 losers and 24 gainers.

On the losers’ chart, Africa Prudential and International Energy Insurance dropped by 10 per cent each, to close at N13.05 and N1.62 per share, respectively.

Cadbury Nigeria declined by 9.42 per cent, to close at N23.55 and UPDCREIT fell by 9.09 per cent, to close at N5.50 per share.

Similarly, RT Briscoe lost by 7.69 per cent, to close at N2.40 per share.

On the gainers’ chart, Abbey Mortgage Bank and UPDC Real Estate Investment soared by 10 per cent each, to close at N4.73 and N2.97 per share respectively.

Northern Nigeria Flour Mills rose by 9.96 per cent, to close at N87.75 while Mutual Benefits Assurance gained by 9.38 per cent, to close at N1.05 per share.

Also, Royal Exchange increased by 8.25 per cent, to close at N1.05 per share.

A total of 547.57 million shares worth 21.617 billion were exchanged across 13,244 transactions.

This is compared with 423.62 million shares worth N9.181 billion that was exchanged across 11,393 transactions earlier recorded.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 73.943 million shares worth N77.463 million.

Cutix followed with 72.029 million shares valued at N179.099 million while Guaranty Trust Holding Company sold 67.848 million shares worth N4.574 billion.

Fidelity Bank traded 47.552 million shares valued at N904.254 million and Universal Insurance transacted 33.013 million shares worth N19.723 million.