Equities market gains N905bn as bullish trend persists

The stock market opened the week on a positive note on Monday, as investors gained N905 billion following continued buying interest in large- and mid-cap stocks.

Market capitalisation rose by 0.57 per cent to close at N160.982 trillion, compared with N160.077 trillion recorded on Friday.

Similarly, the All-Share Index advanced by 1,412.65 points or 0.57 per cent, rising from 249,712.37 to 251,125.02.

The rally was driven by sustained investors’ interest in stocks such as Airtel Africa, International Energy Insurance, Sovereign Trust Insurance, Caverton Offshore Support Group, VFD Group and 30 other appreciating equities.

The market’s Year-to-Date (YTD) return also improved to 61.38 per cent, reflecting sustained bullish momentum in the equities market.

Market breadth closed positive with 35 gainers against 32 losers at the close of trading.

Airtel Africa led the gainers’ chart, rising by 10 per cent to close at N3,655.70. International Energy Insurance followed with 9.68 per cent, closing at N3.74, while Sovereign Trust Insurance gained 9.65 per cent to settle at N2.50 per share.

Caverton Offshore Support Group gained 9.63 per cent to close at N7.40, while VFD Group rose by 9.55 per cent to settle at N10.90 per share.

On the losers’ chart, McNichols led with a 10 per cent decline to close at N7.20. The Initiates followed with 9.91 per cent, closing at N30.45, while Learn Africa shed 9.69 per cent to close at N11.65 per share.

Zichis Agro Allied Industries declined by 7.93 per cent to settle at N30.98, while May & Baker fell by 6.60 per cent to close at N46.70 per share.

Meanwhile, market activity declined at the close of trading, as total volume traded dropped by 11.58 per cent to 629.42 million shares.

The shares were valued at N40.91 billion and exchanged in 82,434 transactions.

Access Corporation led the volume chart with 61.29 million shares, representing 9.74 per cent of total traded volume.

Aradel topped the value chart with transactions worth N11.99 billion, accounting for 29.30 per cent of the day’s total value traded.