Banking heavyweights lift Nigerian equities market by N1.56trn

The Nigerian equities market rebounded strongly, reversing the previous session’s decline as renewed buying interest in banking heavyweights lifted the overall capitalization by N1.56 trillion.

The All-Share Index (ASI) gained 2,413.03 points, representing an increase of 0.98 per cent to close at 247,831.40 points. Also, market capitalisation rose by N1.56 trillion to close at N 159.894 trillion.

Notable buy pressure in key stocks like Guinness Nigeria, BUA Cement, First Holdco, Unilever Nigeria and Zenith Bank drove the market’s strong performance.

Looking ahead, Cowry Assets Management Limited said, the market is expected to sustain its positive momentum, underpinned by strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.

Investor sentiment was positive, as 35 advancers outpaced 27 decliners. Guinness Nigeria and Zichis Agro Allied Industry emerged the highest price gainer of 10 per cent each to close at N365.20 and N26.95 respectively, while Access Holdings followed with a gain of 9.98 per cent to close at N29.20, per share.

First Holdco increased rose by 9.91 per cent to close at N120.90, while CWG appreciated by 8.50 per cent to close at N21.70, per share.

On the other side, MeCure Industries led others on the losers’ chart with 8.96 per cent to close at N62.40, per share. FTN Cocoa processors followed with a decline of 9.16 per cent to close at N8.63, while Omatek Ventures declined by 7.89 per cent to close at N1.75, per share.

Africa Prudential down by 4.44 per cent to close at N12.90, while Cornerstone Insurance depreciated by 4.35 per cent to close at N5.50, per share.

The total volume traded declined by 34.5 per cent to 782.35 million units, valued at N56.30 billion, and exchanged in 46,273 deals. Transactions in the shares of First HoldCo led the activity with 106.397 million shares worth N12.490 billion. Access Holdings followed with account of 92.578 million shares valued at N2.629 billion, while VFD Group traded 92.446 million shares valued at N943.984 million.

Guaranty Trust Holding Company (GTCO) traded 74.541 million shares worth N9.735 billion, while Dangote Sugar Refinery traded 31.602 million shares worth N2.283 billion.