The stock market experienced a bullish resurgence on Thursday, resulting in a substantial gain of N902 billion.
The All-Share Index and market capitalisation of the domestic bourse rose by 1.63 per cent, closing at 102,802.25 points and N56.26 trillion, respectively. Investor sentiment was optimistic, with 53 gainers and 19 losers dominating the market. Caverton, Chams, Guaranty Trust Holding Company Plc, VeritasKap, and Nascon Allied Industries were among the top gainers, with significant increases in their stock prices.
Conversely, DEAPCAP, Computer Warehouse Group, and RT BRISCOE experienced downward repricing, registering losses in their stock prices. The banking sector led the gainers with a 7.82 per cent increase, driven by strong buy interest in top banks like Zenith Bank, Access Holdings, UBA, GTCO, and Fidelity.
The Consumer Goods sector also recorded a substantial increase of 4.37 per cent, particularly fueled by companies like Dangote Sugar, Honeywell Flour Mill, Cadbury, and BUA Foods. Furthermore, the Insurance, Oil/Gas, and Industrial indexes posted gains of 2.18 per cent, 0.02 per cent, and 0.35 per cent, respectively.
During the trading session, Universal Insurance emerged as the most traded security in terms of volume, with 113.76 million units changing hands in 110 deals. Zenith Bank led in traded value at N2.76 billion, highlighting the robust activity on the stock market amidst the bullish trend.
Source: PUNCH