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Stock market gains N33bn as volume jumps 103%

Oluwasina Phillip

The Nigerian Exchange Limited gained N33.32bn in market capitalisation as trading finalised on its floor on Thursday after trading volumes jumped by 102.75 per cent.

The NGX All-Share index rose by 0.16 per cent to close at 40,829.15 basis points from 40,765.20bps the previous day just as the market capitalisation of stocks increased from N21.24tn to N21.28tn.

At the end of trading on the floor of the NGX, a total of 812.30 million shares valued at N10.58bn were traded in 4,863 deals compared to 400.65 million shares worth N3.48bn in 5,145 deals.

FBN Holdings Plc was the most traded stock on Thursday as it occupied 27.14 per cent of the total volume of trades and 44.37 per cent of the total value of trades on the exchange.

Analysing by sectors, the NGX Banking index, Industrial Goods and Consumer Goods indices saw gains while the NGX Insurance index fell.

Market sentiment as measured by market breadth was positive as 23 companies gained, relative to 20 losers. University Press Plc topped the gainers’ chart with a 9.92 per cent increase to close at N1.44 per share. Coming next was Presco Plc which rose by 5.92 per cent, ending the day at N85.00 per share. Other top gainers were CHAMS Plc (+4.76 per cent), Universal Insurance (+4.76 per cent), and Ecobank Transnational Incorporated (+3.45 per cent).

Atop the losers’ was BOC Gases plc whose stock dropped by 9.87 per cent to N10.50 per share. Caverton Offshore Support Group Plc followed closely with a 9.71 per cent decline, closing at N1.58 per share. AXA Mansard Insurance Plc, Courtville Business Solutions Plc and Sovereign Trust Insurance Plc also saw losses at 4-4.88 per cent, -4.35 per cent and -3.23 per cent respectively.

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