Stock market gains ₦152bn amid bullish trend

The Nigerian stock market opened bullish on Monday, resulting in a gain of ₦152 billion for investors.

This extended the previous week’s four-day rally.

The uptrend was driven by increased investor interest in stocks such as Cutix, International Energy Insurance, TIP, Caverton Offshore Support, and 37 others.

Specifically, market capitalisation opened at ₦83.241 trillion and added ₦152 billion or 0.18 per cent to close at ₦83.393 trillion.

The All-Share Index rose by 0.18 per cent or 241.11 points, closing at 131,826.77 from 131,585.66 on Friday.

However, market breadth closed negative, with 41 stocks declining and only 31 advancing.

Meyer topped the losers’ chart, shedding 10 per cent to close at ₦18.90 per share.

McNicholas followed, dropping by 9.95 per cent to finish at ₦3.44 per share.

Thomas Wyatt Nigeria lost 9.84 per cent to end at ₦3.39, while Deap Capital shed 9.77 per cent to close at ₦1.20.

Sovereign Trust Insurance also declined, losing 9.63 per cent to settle at ₦1.22 per share.

Cutix led the gainers’ table, rising by 10 per cent to close at ₦4.07 per share.

International Energy Insurance also advanced by 10 per cent, finishing at ₦2.20 per share.

NCR Nigeria gained 10 per cent, closing at ₦7.26, while The Initiates Plc rose by 9.97 per cent to ₦11.03.

Caverton Offshore Support advanced by 9.75 per cent to settle at ₦7.09 per share.

Overall, 706.04 million shares worth ₦21.56 billion were traded in 30,750 transactions.

This compares to 3.35 billion shares worth ₦62.39 billion exchanged in 28,593 deals on Friday.

Access Corporation led activity with 61.73 million shares traded, worth ₦1.64 billion

Consolidated Hallmark Holdings followed, trading 43.98 million shares valued at ₦133.78 million.

CHAMS sold 38.66 million shares, amounting to ₦118.43 million in value.

United Bank for Africa transacted 32.89 million shares worth ₦1.50 billion.

Zenith Bank traded 24.60 million shares, valued at ₦1.73 billion.