Stock Market Opens Week Bullish, Gains N34bn


The Nigerian stock market today rebounded with a gain of N34 billion on buying interest in Geregu Power Plc and 17 others.


The All Share Index (ASI) rose by 63.01 points, representing an increase of 0.12 per cent to close at 52,657.69 points. While the overall market capitalisation value gained N34 billion to close at N28.681 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, Guinness Nigeria, Berger Paints Nigeria, Multiverse Mining & Exploration and Zenith Bank.

On market outlook for the week, United Capital Plc said “at current levels, we caution investors that the equities market is due a breather and thus we anticipate some of the profit taking that started last week will continue into this week’s sessions. 

“Nevertheless, we view this as an opportunity to buy attractive stocks on dips as we retain the view that depressed interest rate levels will sustain the fuel for an equity market uptrend in Q1, 2023.”

Investor sentiment, as measured by market breadth closed positive with 18 stocks gained, while 13 declined. John Holt recorded the highest price gain of 9.38 per cent to close at N1.05, per share. Secure Electronic Technology followed with a gain 9.09 per cent to close at 24 kobo, while Chams rose by 7.69 per cent to close at 28 kobo, per share.

Geregu Power went up by 6.92 per cent to close at N148.40,  while Associated Bus Company appreciated by 6.90 per cent to close at 31 kobo, per share.

On the other hand, Cornerstone Insurance led the losers’ chart by 10 per cent to close at 54 kobo, per share. Computer Warehouse Group (CWG) followed with a decline of 9.62 per cent to close at 94 kobo, while Japaul Gold & Ventures declined by 6.67 per cent to close at 28 kobo, per share.

Unity Bank depreciated by 5.17 per cent  to close at 55 kobo, while Courteville Business Solutions declined by 4.00 per cent to close at 48 kobo,  per share.

However, the total volume of trades decreased by 67.61 per cent to 143.736 million units, valued at N1.776 billion, and exchanged in 4,078 deals.

Transactions in the shares of FBN Holdings (FBNH)  topped the activity chart with 19.656 million shares valued at N229.718 million. Chams followed with 11.218 million shares worth N3.110 million, while Guaranty Trust Holding Company (GTCO) traded 10.990 million shares valued at N264.993 million.

Transnational Corporation of Nigeria (Transcorp) traded 10.574 million shares valued at N12.814 million, while Sterling Bank transacted 10.201 million shares worth N15.933 million.


Please enter your comment!
Please enter your name here