Investors’ fortunes up N180bn Thursday as bullish sentiments hit stock market  

By Chukwuma Umeorah 

Bullish  sentiments pervaded the stock market yesterday as investors wealth on the Nigerian Exchange Limited (NGX) rose N180.229 billion at the end of Thursday’s trading session boosting market capitalisation to N29.768 trillion. 

Despite various headwinds occasioned by the currency design policy, inflation and preparations for the general elections, investor’ sentiments remained positive as an overview of NGX data reveals that the market performed relatively well with capitalisation gaining N1.853 trillion since the start of trading for the 2023 financial year. This represents an overall year-to-date gain of 6.62 percent.

Meanwhile a total of 142.036 million units of shares were exchanged at the close of Thursday’s trade with United Bank for Africa being the most traded stock exchanging 32.420 million shares worth N272.123 million, while COURTVILLE traded 15.975 million units of shares with market value of N7.638 million. ZENITHBANK came third as the most active stock for the day trading 11.525 million worth N292.131 million.

The benchmark NGX All-Share Index (ASI) moved up 330.85 basis points or 0.61 per cent to close at 54,646.38 from an opening value of 54,315.53 basis points representing a weekly gain of 0.23 per cent and a monthly gain of 3.59 per cent.

Market breadth was also positive at close of yesterday’s trade as there were 28 gainers and 10 losers. 

MRS finished as the best performing stock as its value rose by 9.88 per cent to close at N27.80 per share, followed closely by MCNICHOLS which gained 9.09 per cent closing at N0.60 per share while BUAFOODS appreciated by 8.87 per cent and closed at N81.00 per share.

CORNEST was also in the green angle as its value appreciated by 8.33 per cent closing at N0.65 per share and TRANSCOHOT gained 7.44 per cent closing at N6.50 per share.

On the flip side, TIP led the losers table shedding 9.09 per cent to close at N0.40 per share, followed by NEIMETH which lost 6.45 per cent closing at N1.45 per share and CHIPLC lost 6.15 per cent and closed at N0.61 per share. VERITASKAP stocks also finished poorly shedding 4.76 per cent and closed at N0.20 per share and AIICO lost 0.59 per cent ending the day at N0.59 per share.