Business
Market Capitalisation: Investors Gain N62bn On Medium, Large Stocks
The domestic equities market on Monday appreciated by N62 billion as investors hunted for bargains on medium and large capitalised stocks.
The All Share Index (ASI) rose by 114.21 points, representing a growth of 0.22 per cent to close at 52,579.52 from 52,465.31 recorded at the last session.
Specifically, market capitalisation rose by N62 billion to close at N28.63 trillion as against N28.568 trillion posted on Friday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Nigerian Exchange Group, Ardova Plc, Stanbic IBTC Holdings and Guaranty Trust Holding Company (GTCO).
“Bullish sentiments to persist in the market as investors continue to take advantage of the impressive Q1, 2023 earnings season.
“However, we note that there may be pockets of profit-taking activities among investors,” United Capital Plc said.
As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 27 losers.
Multiverse Mining and Exploration recorded the highest price gain of 10 per cent to close at N3.41, per share.
Red Star Express followed with a gain of 9.96 per cent to close at N2.65, while CWG gained by 9.85 per cent to close at N1.45, per share.
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McNichols went up by 9.23 per cent to close at 71k, while International Breweries grew by 6.82 per cent to close at N4.70, per share.
On the other hand, C & I Leasing led the losers’ chart by 9.8 per cent, to close at N3.59, per share.
Transnational Corporation (Transcorp) followed with a decline of 7.73 per cent to close at N1.79, while FTN Cocoa Processors declined by 6.9 per cent to close at 27k, per share.
Chams Holdings depreciated by 6.45 per cent to close at 29k and Custodian Investment declined by 4.8 per cent to close at N5.95, per share.
The total volume traded advanced by 6.0 per cent to 511.38 million units, valued at N7.14 billion, and exchanged in 5,883 deals.
Transactions in the shares of Access Holdings topped the activity chart with 167.62 million shares valued at N1.92 billion.
FBN Holdings (FBNH) followed with 91.29 million shares worth N1.09 billion, while United Bank for Africa (UBA) traded 78.06 million shares valued at N623.44 million.
Transnational corporations (Transcorp) traded 29.557 million shares valued at N53.202 million, while AXA Mansard Insurance sold 18.151 million shares worth N45.687 million.
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