Nigerian equities opened the week on a positive note, with the overall capitalisation closing N324 billion stronger. The All Share Index rose by 592.47 basis points, driven by gains in medium and large capitalised stocks. Market breadth closed positive as 34 stocks gained compared to 24 decliners.
Lagos, Nigeria - Nigerian equities started the trading week on a positive note, continuing the gains from the previous session. The stock market witnessed an overall growth in capitalisation as it closed N324 billion stronger. The All Share Index (ASI) climbed by 592.47 basis points, representing a gain of 0.90 per cent, to close at 66,151.38 points. The market capitalisation appreciated by N324 billion and stood at N36.205 trillion.
The upward trend in the stock market was mainly influenced by the performance of medium and large capitalised stocks, with notable gainers including BUA Foods, SFS Real Estate Investment Trust Fund, Dangote Sugar Refinery, NASCON Allied Industries, and Nigerian Aviation Handling Company (NAHCO).
Market breadth, which measures the overall strength of the market, ended on a positive note as 34 stocks recorded gains compared to 24 decliners.
Dangote Sugar Refinery, Omatek Ventures, Thomas Wyatt Nigeria, and Transnational Corporation (Transcorp) emerged as the top gainers with a price increase of 10 per cent each. Dangote Sugar Refinery closed at N52.25 per share, Omatek Ventures at 33 kobo, Thomas Wyatt Nigeria at N1.87, and Transnational Corporation at N7.38 per share.
SFS Real Estate Investment Trust Fund also performed well, with a gain of 9.96 per cent to close at N92.15 per share, while NASCON Allied Industries appreciated by 9.94 per cent, closing at N49.20 per share.
On the other hand, Computer Warehouse Group took the lead among the decliners, recording a 10 per cent decline and closing at N4.50 per share. John Holt followed closely with a decline of 9.80 per cent, with shares closing at N1.38. NEM Insurance lost 9.54 per cent, closing at N5.12 per share. Secure Electronic Technology saw a depreciation of 9.09 per cent, closing at 30 kobo, while Cutix declined by 8.33 per cent and closed at N2.20 per share.
The positive performance of the Nigerian equities market reflects a growing investor confidence and bullish sentiment in the country's economy. As market participants continue to monitor the stock market closely, it is expected that the momentum will be sustained and further growth opportunities will arise.
Source of content: OOO News 2023-08-29 News
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