Stock market maintains bullish run, gains N42.7 billion

The All-Share Index (ASI) increased by 0.15 per cent to close at 52,917.76 points, compared to the 52,838.45 points recorded on Wednesday.

News Agency of Nigeria • May 12, 2022

Nigerian Stock Market trade floor (Photo Credit: Bloomberg)

The Nigerian Exchange Ltd., (NGX) extended its bullish trend on Thursday, as market capitalisation gained N42.75 billion to close at N28.528 trillion from N28.485 trillion recorded on Wednesday.

Similarly, the All-Share Index (ASI) increased by 0.15 per cent to close at 52,917.76 points, compared to the 52,838.45 points recorded on Wednesday.

Analysts at Vetiva Dealing and Brokerage said, “The market saw some course-correction after yesterday’s impressive gains as predicted, with profit-taking observed on some of the strong performers this week.

“In tomorrow’s session, we anticipate further gains on fundamentally sound names, even as other tickers which have enjoyed investors’ patronage in recent sessions shed some points.”

The market’s positive performance was driven by price appreciation in large and medium capitalised stocks which are; Glaxosmith, Presco, International Breweries, Okumu Oil and among others.

The market breadth was positive as 30 stocks appreciated relative to 22 that declined.

Fidson Pharmaceuticals recorded the highest price gain of 9.95 per cent to close at N11.38 per share.

Eterna followed with a gain of 7.19 per cent to close at N9.94 per share, while MC Nichols rose by 9.91;per cent to close at N1.22 per share.

Glaxosmith rose by 9.81 per cent to close at N8.35 while WAPCO gained 9.86 per cent to close at N31.75 per share.

On the other hand, Academy Press led the losers’ chart by 9.73 per cent to close at N1.67 per share.

Chiplc and Linkage Assurance depreciated by 9.68 per cent and 8.70 per cent each to close at 56k and 63k per share, respectively.

Veritas Kapital followed with a decline of 4.55 per cent to close at 21k per share, while AIICO lost 3.80 per cent to close at 76k per share.

The total volume of stocks traded was 426.02 million units, valued N5.697 billion, and exchanged in 7,639deals.

Transactions in the shares of Transcorp topped the volume chart with 94.4 million shares valued at N122.73 million.

Zenith Bank followed with 34.48 million shares worth N590.08 million, while WAPCO traded 19.23 million shares valued at N601.95 million.

Abbey Buildings traded 18.36 million shares valued at N24.39 million, while ACCESSCORP transacted 17.02 million shares valued at N163.58 million.

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