Stock Market Advances by N1.29trn Amid New Listings 

The Nigerian stock market yesterday rallied with the market capitalisation rising by N1.29 trillion, amid listing of 181.6 million and 5.38 billion ordinary shares of Industrial and Medical Gases Plc and Ecobank Transnational Incorporated (ETI) Plc, respectively.

The Nigerian Exchange Limited All Share Index (NGX ASI) gained by 1,718.03 basis points or  1.20 per cent to close at 144,928.36 basis points. Also, market capitalisation gained N1.287 trillion to close at N 92.376 trillion.

Market breadth turned positive as 27 advancing counters outpaced 20 decliners. Dangote Cement recorded the highest price gain of 9.99 per cent to close at N588.00, per share. NCR Nigeria followed with a gain of 9.98 per cent to close at N66.10, while International Breweries rose by 9.66 per cent to close at N11.35, per share.

Livestock Feeds rose by 8.33 per cent to close at N6.50, while Daar Communications up by 8.14 per cent to close at 93 kobo, per share.

On the other hand, Ikeja Hotel led the losers’ chart by 9.92 per cent to close at N28.60, per share. Legend Internet followed with a decline of 9.91 per cent to close at N5.00, while Living Trust Mortgage Bank declined by 9.78 per cent to close at N3.23, per share.

Wapic Insurance depreciated by 6.72 per cent to close at N2.36, while FTN Cocoa Processors declined by 5.10 per cent to close at N4.65, per share.

Meanwhile, the total volume traded declined by 58.65 per cent to 606.254 million units, valued at N39.690 billion, and exchanged in 14,791 deals. Transactions in the shares of Access Holdings topped the activity chart with 310.248 million shares valued at N6.418 billion. Zenith Bank followed with 40.334 million shares worth N2.416 billion, while Fidelity Bank traded 38.166 million shares valued at N725.329 million.

FCMB Group traded 21.140 million shares valued at N216.966 million, while Guaranty Trust Holding Company (GTCO) sold 20.811 million shares worth N1.797 billion.

On market outlook, Imperial Asset Managers Limited said, “the positive rebound suggests improving investor confidence, particularly in large-cap industrial and consumer stocks. Market players may continue to favor fundamentally strong counters, though selective profit-taking could emerge in highly appreciated counters.”