<strong>Geregu, Zenith, GTCO’s gains lift stock market cap by N68bn as investor sentiment remain positive </strong>

By Chukwuma Umeorah 

Despite losses recorded in previous trading day, investors sentiments remain positive in stocks as gains in some blue-chip stocks at the close of Wednesdays trading activities on the local bourse lifted the market capitalization by N68.762 billion to N29.589 trillion. 

Investors’ appetites, however, seem to be focused on stocks in the power and financial services sector as bargain hunting in Geregu, Zenith bank and GTCO were responsible for the gains recorded at the end of yesterday’s trade. 

A total of 129.914 units of shares corresponding to a market value of N 3.922 billion were exchanged in 2,678 deals. This is in contrast to 254.174 million shares worth N3.077 billion in 2,950 deals recorded the previous day. The data represents a 27 per cent improvement in turnover but a 9 per cent decline in deals. 

The Benchmark All-Share index also increased by 126.22 basis points or 0.23 per cent to close at 54,315.53 basis points from 54,189.31 basis points that was recorded the previous day representing a 1-week loss of 0.35 per cent, a 4-week gain of 3.26 per cent, and an overall year-to-date (ytd) gain of 5.98 per cent. 

AIICO was the most active stock for the day as it traded 16.176 million units of stocks followed by ZENITHBANK that exchanged13.00 million shares and GTCO that traded 12.389 million unit of shares. 

Market breadth closed positive with 18 appreciated stocks and 11 losers. GEREGU was the best performing stock as it appreciated by double digit 10.00 per cent to close at N246.40 per share followed closely by JOHNHOLT appreciating by 9.59 per cent closing at N1.60 per share while LIVINGTRUST gained 7.55 per cent and closed at N2.85 per share. 

UPL and VERITASKAP also gained 5.26 per cent and 5.00 per cent to close at N2.00 and N0.21 per share respectively. 

On the other hand, MCICHOLS led the losers as it depreciated by 9.84 per cent and closed at N0.55 per share followed by WAPIC which lost 6.82 per cent closing at N0.41 and ROYALEX which went down by 6.67 per cent to close at N0.70 per share. 

The value of stock in MBENEFIT depreciated by 5.88 per cent closing at N0.32 per cnet while CHAMS lost 3.70 per cent to close at N0.26 per share.