Gains in Zenith Bank, 38 Others Lift Stock Market to Positive Territory

Kayode Tokede

The Nigerian stock market yesterday regained positive momentum amid demand for Zenith Bank Plc and 38 others that lifted  market capitalization by N93 billion.

Following a 0.8 per cent increase in the stock price of Zenith Bank, the  Nigerian Exchange Limited All Share Index (NGX ASI) gained by 144.33 basis points or 0.09 per cent to close at 166,256.83 basis points. Also, market capitalisation gained N93 billion to close at N106.436 trillion.

In another development, the NGX yesterday listed 1.1 billion ordinary shares of Zichis Agro Allied Industries at N1.81 per share.

Investor sentiment closed positive, with 39 gainers outpacing 25 losers. DEAP Capital Management & Trust, NPF Microfinance Bank and Red Star Express recorded the highest price gain of 10 per cent each to close at N5.39, N4.73 and N15.95 respectively, per share.

Morison Industries and NCR Nigeria followed with a gain of 9.97 per cent each to close at N6.84 and N155.50 respectively, while Zichis Agro-Allied Industries up by 9.94 per cent to close at N1.99, per share.

On the other hand, Aluminium Extrusion Industries led the losers’ chart by 9.95 per cent to close at N17.20, per share. Jaiz Bank followed with a decline of 9.88 per cent to close at N7.21, while FTN Cocoa Processors declined by 8.44 per cent to close at N7.05, per share.

UPDC depreciated by 8.06 per cent to close at N5.70, while Caverton Offshore Support Group declined by 5.59 per cent to close at N7.60, per share.

Also, the total volume traded rose by 26.34 per cent to 795.459 million units, valued at N19.976 billion, and exchanged in 45,410 deals. Transactions in the shares of Tantalizer topped the activity chart with 86.961 million shares valued at N300.924 million. Secure Electronic Technology followed with 74.154 million shares worth N87.559 million, while Zichis Agro-Allied Industries traded 69.600 million shares valued at N138.504 million.

Zenith Bank traded 49.102 million shares valued at N3.535 billion, while Guaranty Trust Holding Company (GTCO) sold 39.054 million shares worth N3.791 billion.

On market outlook, Imperial Asset Managers Limited said, “near-term market sentiment is expected to remain cautiously positive, supported by early-year momentum and sustained interest in liquid, fundamentally strong stocks.

“However, the concentration of gains in select names, alongside intermittent profit-taking in banking and high-beta stocks, suggests that upside potential may remain stock- and sector specific, with investors likely to rotate positions as earnings expectations and valuation considerations increasingly shape market direction.”