Friday, September 30, 2022

Stock market remains bullish as capitalisation gains N1 billion

“The stock market closed positively, as bargain hunting was seen in all the major sectors,” according to analysts at GTI Research.

• June 7, 2022
Nigerian Exchange
Nigerian Exchange [Photo Creadit: Business Live Nigeria]

The Nigerian stock market extends its bullish run to close at N28.719 trillion from the N28.619 trillion recorded on Monday, an increase of N1 billion or 0.35 per cent.

The All-Share Index (ASI) also rose by 0.35 per cent to stand at 53,270.88 basis points compared with previous close of 53,086.86 basis points on Monday.

Consequently, both the month-to-date of the ASI declined by 0.6 per cent while year-to-date performance rose by 24.71 per cent.

Analysts at GTI Research said, “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”

The market breadth was positive as 16 stocks appreciated relative to 15 that declined.

GSPEC Plc recorded the highest price gain of 10 per cent to close at N2.75 per share.

Jaiz Bank followed with a gain of 7.95 per cent to close at 90k per share, while JapaulGold rose by 6.67 per cent to close at 32k per share.

Glaxosmith rose by 7.20 per cent to close at N5.11 while UACN gained 4.55 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 N11.50per share.

CutixPlc depreciated by 10 per cent to close at N2.69 and Cadbury dropped by 5.92 per cent to close at N16.65 per share.

FTNCocoa followed with a decline of 5.56 per cent to close at 34k per share, while WAPIC lost 4.70 per cent to close at 40k per share.

Honeywell Flour inched down by 4.55 per cent to close at N3.15.

The total volume of stocks traded was 234.62 million units, valued N2.745 billion, and exchanged in 4,232 deals.

Transactions in the shares of Transcorp topped the volume chart with 30.43 million shares valued at N37.21 million.

United Bank for Africa (UBA) followed with 25.8 million shares worth N201.34 million, while Chams Plc traded 20.53 million shares valued at N4.93 million.

NGX Group traded 18.53 million shares valued at N459.96 million, while Fidelity Trust Bank transacted 17.51 million shares valued at N59.35 million.

(NAN)

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