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In a notable recovery, the equities market experienced a resurgence, witnessing renewed interest in 48 stocks that propelled market capitalization to an increase of N314 billion. The All-Share Index recorded a gain of 572.7 points, representing a 0.70% increase, closing at 82,597.08 points. The market capitalization, as a result, rose to N45.199 trillion.
This positive momentum was fueled by the upward movement in the prices of large and medium-capitalized stocks, including Julius Berger, Cadbury Nigeria, FBN Holdings (FBNH), PZ Cussons Nigeria, and United Bank for Africa (UBA).
Key contributors to the market upturn, Julius Berger, recorded a significant 9.92% increase, closing at N56.50 kobo, while Cadbury Nigeria rose by 9.77% to close at N21.90 kobo. Guinea Insurance and Royal Exchange emerged as the highest price gainers, both experiencing a 9.66% increase to close at N1.59 kobo.
Market analysts, Vetiva Dealings and Brokerage, anticipate a more stable close to the week, with investors strategically selecting counters across the board. SCM Capital noted that the NGX-ASI surpassing the psychological threshold of 80,000 has led market participants to strategically position themselves to capitalize on notable price appreciation.
Market breadth, measured by the number of gaining stocks relative to the declining ones, reflected positive sentiment, with 48 stocks gaining against 22 losses. Abbey Mortgage Bank and Ikeja Hotel led the losers' chart with a 9.90% decline, closing at N2.73 kobo and N7.83 kobo, respectively. Caverton Offshore Support Group followed closely with a 9.66% decline, closing at N1.87 30 kobo.
Total volume traded experienced a 46.6% decline to 877.28 million units, valued at N14.41 billion. Major contributors to trading activity included Transnational Corporation (Transcorp), Sterling Financial Holdings Company, and Access Holdings. Transcorp led with 74.535 million shares worth N935.421 million.
