Stock Market Resumes 2022 With N887bn Gain in Market Capitalization

Stock Market Resumes 2022 With N887bn Gain in Market Capitalization

Stock Market Resumes 2022 With N887bn Gain in Market Capitalization

The stock market of the Nigerian Exchange Limited (NGX) yesterday resumed trading for 2022 on a positive note as it gained N887 billion in market capitalisation. .

The All Share Index (ASI) rose by 309.79 points, representing an increase of 0.72 per cent to close at 43,026.23 basis points, while the overall market capitalisation value gained N887 billion, representing a growth of 3.98 per cent to close at N23.184 trillion.

Analysis of market numbers showed that the Consumer Goods dropped by 0.9per cent, Oil & Gas index also dropped 0.5per cent and Insurance was down by 0.4 per cent while the Industrial Goods appreciated by three per cent and Banking index gained 0.4 per cent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Stanbic IBTC Holdings, Flour Mills of Nigeria, Zenith Bank and Neimeth International Pharmaceuticals.

Market sentiment, as measured by market breadth, was negative as 27 stocks declined, relative to 18 gainers. Academy Press recorded the highest price gain of 10 per cent to close at 55 kobo, per share.

Wema Bank followed with a gain 9.72 per cent to close at 79 kobo, while Cornerstone Insurance up by 8.70 per cent to close at 50 kobo, per share.

Neimeth International Pharmaceuticals rose by eight per cent to close at N1.89, while BUA Cement appreciated by 7.31 per cent to close at N71.95, per share.

On the other hand, Ardova, Northern Nigeria Flour Mills and Vitafoam Nigeria led the losers’ chart by 10 per cent each, to close at N11.70, N7.20 and N20.25, respectively, per share.

Chams followed with a decline of 9.09 per cent, to close at 20 kobo, while SUNU Assurances depreciated by 8.89 per cent to close at 41 kobo, per share.

The total volume of trades decreased by 52.4 per cent to 216.651 million units, valued at N1.516 billion, and exchanged in 4,080 deals. Transactions in the shares of Chams topped the activity chart with 29.865 million shares valued at N6.080 million. Wema Bank followed with 17.111 million shares worth N13.309 million, while Zenith Bank traded 11.035 million shares valued at N278.219 million.

Transnational Corporation of Nigeria (Transcorp) traded 10.755 million shares valued at N10.496 million, while Sovereign Trust Insurance transacted 10.476 million shares worth N2.862 million.

This week, United Capital expected the January buying interest to resume in no distant time as investors begin to position for full year, 2021 dividend announcements.