Stock Market Commence 2023 On Positive Note as Market Cap Hit N28trn  

Kayode Tokede

In the archetypal trading time of the year, the Nigerian Stock Exchange (NGX) banal market opened connected a agleam enactment arsenic capitalisation deed supra N28 trillion, yesterday.

The NGX All Share Index (ASI) roseate by 344.60 basis points, representing a summation of 0.67 per cent to adjacent astatine 51,595.66 basis points. Accordingly, investors gained N188 cardinal successful worth arsenic marketplace capitalisation went up to N28.103 trillion.

The upturn was impacted by gains recorded successful mean and ample capitalised stocks, amongst which are; BUA Foods, Fidson Healthcare, PZ Cussons Nigeria, United Bank for Africa (UBA) and Nigerian Aviation Handling Company (NAHCO).

As measured by marketplace breadth, marketplace sentiment was affirmative arsenic 22 stocks  gained comparative to 11 losers. BUA Foods recorded the highest terms summation of 10 per cent to adjacent astatine N71.50, per share.

John Holt followed with a summation 9.59 per cent to adjacent astatine 80 kobo, portion Prestige Assurance went up by 9.52 per cent to adjacent astatine 46 kobo, per share.

NAHCO went up by 9.38 per cent to adjacent astatine N7.00, portion UBA appreciated by 9.21 per cent to adjacent astatine N8.30, per share.

On the different hand, Chellarams led the losers’ illustration by 9.82 per cent to adjacent astatine N2.02, per share.

Computer Warehouse Group (CWG) followed with a diminution of 8.91 per cent to adjacent astatine 92 kobo, portion FCMB Group went down by 8.83 to adjacent astatine N3.51, per share.

Honeywell Flour Mills mislaid 5.98 per cent to adjacent astatine N2.20, portion Japaul Gold & Ventures shed 3.57 per cent to adjacent astatine 27 kobo, per share.

The full measurement traded declined by 63.9 per cent to 321.675 cardinal units, valued astatine N4.350 billion, and exchanged successful 4,122 deals.

Transactions successful the shares of FBN Holdings (FBNH) topped the enactment illustration with 207.616 cardinal shares valued astatine N2.474 billion.

Guaranty Trust Holding Company (GTCO) followed with 13.756 cardinal shares worthy N318.207 million, portion AIICO Insurance traded 12.241 cardinal shares valued astatine N7.676 million.

UBA traded 8.150 cardinal shares valued astatine N64.588 million, portion Access Holdings transacted 6.747 cardinal shares worthy N58.912 million.

Analysts at United Capital anticipated robust marketplace enactment and bullish sentiments to continue. The accustomed January momentum is apt to predominate peculiarly arsenic the output situation appears to beryllium shifting downwards.