Nigerian Equities Market Reopens on Positive Note, Market Capitalization Rises by N262 Billion
The Nigerian equities market started on a positive note as it reopened, with gains recorded in BuaFoods, Stanbic IBTC, and 29 other stocks. The market capitalization of listed equities increased by 0.74 percent to reach N35.684 trillion, up from N35.42 trillion on the previous day. The all-share index (ASI) also saw an appreciation of 481.32 basis points, reaching 65,202.41 points from 64,721.09 points on the previous trading day.
The upbeat performance of the Nigerian Exchange Limited (NGX) was attributed to gains in medium and large capitalization stocks, including Buafoods, Stanbic IBTC, Dangote Sugar Refinery, Nigerian Aviation Handling Company, GlaxoSmithKline, and National Salt Company of Nigeria.
Among the gainers, JohnHolt led with a 9.66 percent increase in its stock price, followed by SCOA Plc with a gain of 9.40 percent. BUAFoods, Mansard, and Livestock also experienced notable gains.
On the other hand, Tantalizer recorded the highest loss with a decline of 10 percent, followed by Omatek with a loss of 9.09 percent. Jaiz Bank, Chi Plc, and Cornerstone Insurance were among the other decliners.
The volume of trades decreased by 56.91 percent, with investors trading 231.599 million shares valued at N3.992 billion in 5,494 deals. Transactions in the shares of Transcorps, Universal insurance, and GTCO Plc were among the most active during the trading session.
Overall, the Nigerian equities market displayed positive momentum in its reopening, driven by gains in key stocks and a general improvement in investor sentiment.