Nigerian Stocks Gained N41 Billion Yesterday Breaking the Five Consecutive Trade Days of Losses

Nigerian stocks saw a recovery yesterday after going on five consecutive sessions of losses, with overall capitalization increasing by N41 billion due to investor interest in NASCON Allied Industries and 30 other equities.

The All-Share Index (ASI) increased by 75.16 points, or 0.12%, to close at 64,267.36 points. In addition, market capitalization increased by N41 billion to close at N34.973 trillion.

The recovery was fueled by price increases in big and medium-cap equities such as BUA Foods, Dangote Sugar Refinery, Skyway Aviation Handling Company, Lafarge Africa, and Nigerian Breweries.

Market sentiment was good, as assessed by market breadth, with 31 equities gaining while 26 equities lost. 

Abbey Mortgage Bank, Chams Holding Company, and NASCON Allied Insurance all gained 10% to close at N1.21, 99 kobo, and N35.75 per share, respectively. 

Skyway Aviation Handling Company gained 9.96% to close at N28.15 per share, while Dangote Sugar Refinery gained 9.93% to close at N32.65 per share.

Also, Thomas Wyatt Nigeria and The Initiates Plc (TIP) lead the losers' chart with a 10% decline to close at N1.30 and 72 kobo, respectively, while University Press followed with a 9.78% decline to close at N2.49 per share.

• University Press fell 9.76% to settle at 37 kobo, while John Holt fell 9.44% to close at N1.63, per share.

The overall amount of trades fell by 56.60% to 330.784 million units worth N4.270 billion and traded in 6,251 transactions. 

Transnational Corporation (Transcorp) shares were the most traded, with 58.829 million shares worth N209.187 million changing hands. 

FBN Holdings (FBNH) traded 27.951 million shares worth N502.760 million, while Ecobank Transnational Incorporated (ETI) traded 21.303 million shares for N330.246 million.

Chams Holding Company traded 16.964 million shares for N16.135 million, while Access Holdings traded 20.697 million shares worth N341.784 million.