HBM Nigeria, 34 others lift market capitalization by N482bn

The Nigerian stock market rebounded modestly, reversing the previous session’s as investors renewed buying interest in HBM Nigeria, 34 others lifted the market capitalization by N482 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 745.81 basis  points or 0.30 per cent to close at 247,984.55 basis points. Consequently, the Month-to-Date and Year-to-Date returns edged higher to +8.1per cent and +59.4per cent, respectively.

Also, market capitalisation rose by N482 billion to close at N 159.993 trillion.

On sectors, performance was positive as the NGX Insurance (+2.3per cent), NGX Industrial Goods (+1.2per cent), NGX Consumer Goods (+0.6per cent), NGX Banking (+0.1per cent) and NGX Oil & Gas (+0.1per cent) indices advanced.

Investor sentiment remained positive, with 34 gainers outperforming 23 decliners. Lasaco Assurance emerged the highest price gainer of 10 per cent to close at N2.20, while Linkage Assurance and Trans-Nationwide Express followed with a gain of 9.93 per cent each to close at N1.66 and N3.10 respectively, per share.

Sunu Assurance rose by 9.88 per cent to close at N3.56, while Critical Minerals Financing Corporation (CMFC) appreciated by 9.86 per cent to close at N3.79, per share.

On the other side, Meyer led others on the losers’ chart with 9.97 per cent to close at N16.70, per share. MeCure Industries followed with a decline of 9.94 per cent to close at N56.20, while ABC Transports declined by 9.93 per cent to close at N6.35, per share

C&I Leasing shed 8.66 per cent to close at N5.80, while Haldane McCall lost 8.21 per cent to close at N3.02, per share.

The total volume traded increased by 6.11 per cent to 676.924 million units, valued at N36.429 billion, and exchanged in 55,412 deals. Transactions in the shares of Access Holdings led the activity with 87.536 million shares worth N2.356 billion. FCMB Group followed with account of 68.708 million shares valued at N810.576 million, while Chams Holdings Company traded 31.011 million shares valued at N148.830 million.

United Capital traded 29.736 million shares worth N537.520 million, while Zenith Bank traded 26.460 million shares worth N3.357 billion.

Looking ahead, Cowry Assets Management Limited said, “we expect the market to maintain its positive momentum as more listed companies begin to release their half-year financial results, which could provide further direction for investor sentiment and market performance.”