On Thursday, 14th Of January, the Nigerian stock market extended its positive rally in the midst of increased buying interest. On Wednesday especially, the market capitalization increased by N325 billion or 1.54 per cent to close at N21.418 trillion from N21.093 trillion.
On top of that, the All-Share Index garnered 622.09 points or 1.54 per cent to close at 40,963.14 compared with 40,341.05 on Wednesday.
The major factor for this increase was the price appreciation in medium and large capitalized stocks amongst which are; Seplat, Dangote Cement, MTN Nigeria Communications, Ardova and NASCON Allied Industries. This in turn stabled the positive market breadth with 49 gainers.
In percentage terms, Champion Breweries led the gainers’ chart, earning 9.82 per cent to close at N1.23 per share. NASCON Allied Industries followed with 9.72 per cent to close at N17.50, while Japaul Gold and Ventures rose by 9.45 per cent to close at N1.39 per share. AXA Mansard Insurance grew by 9.42 per cent to close at N1.51, while Ardova appreciated by 9.25 per cent to close at N21.85 per share.
Conversely, Courteville Business Solutions championed the losers’ chart in percentage terms, dropping 8.33 per cent to close at 22k per share. Neimeth International Pharmaceuticals was next with 6.36 per cent to close at N2.06, while Union Diagnostic and Clinical Services shed 3.13 per cent to close at 31k per share. Jaiz Bank dropped 2.78 per cent to close at 70k, while John Holt lost 1.96 per cent to close at 50k per share.
Adding to that, the total volume of shares transacted improved by 72.9 per cent with an exchange of 809.36 million shares worth N8.91 billion in 6,706 deals.
This was as opposed to a total of 468.15 million shares valued at N6.96 billion exchanged in 5,697 deals on Wednesday.
Transactions in the shares of Transcorp doubled the activity chart with 136.58 million shares valued at N130.19 million per share.
Mutual Benefits Assurance sold 70.59 million shares worth N27.39 million, while Guaranty Trust Bank traded 68.99 million shares valued at N2.25 billion. Lafarge Africa traded 61.85 million shares worth N1.42 billion, while FBN Holdings transacted 44.53 million shares valued at N329.47 million.