The market capitalisation of the Nigerian Exchange Limited rose by 1.63 per cent on Tuesday, the first day of trading in the New Year, thus adding about N666bn to the wealth of investors even as the market recorded new milestones.
At the close of trading, the market capitalisation stood at a new high of N41.583tn and the All-Share Index crossed the 75,000 mark. ASI gained 1,217.11 points during trading to close at 75,990.88 points.
The drivers of the market were the stocks of Mutual Benefits Assurance Plc, Transcorp Plc (+9.93 per cent), Unity Bank (+9.88 per cent), United Bank for Africa (+1.36 per cent), Access Holdings (+1.73 per cent), Zenith Bank (+0.91 per cent) and Airtel Africa (+5.99 per cent).
Market Breadth which is the measure of investors’ sentiment was positive resulting in 50 gainers and 18 losers.
The gainers were led by the stocks of AIICO, DaarCom, Sunu Assurance, Ikeja Hotel Plc, Linkage Assurance and Infinity Trust Mortgage Bank Plc which gained 10 per cent respectively to close at N0.88, N0.99, N1.21, N6.60, N0.88 and N6.60 each.
Other gainers include Multiverse which gained 9.96 per cent to close at N20.42, Transcorp Plc went up by 9.93 per cent to close at N9.52, Eterna Oil ganed 9.75 per cent to close at N14.10 and PZ Cussons gained 8.61 per cent to close at N29 per share.
Cadbury Plc, Thomas Wyatt and Mecure Industries led the losers’ chart with 10 per cent decline respectively to close at N17.10, N2.43 and N10.80 per unit. Other stocks that lost value include that of Prestige’s which dropped 9.80 per cent to close at N0.46, and Consolidated Hallmark Holdings Plc which lost 9.52 per cent to close at N1.33 per unit.
Mutual Benefits, Transcorp, Airtel Africa, GTCO were the volume and value drivers of the day’s market trend. The traded volume of shares increased to 515.81 million from 368.63 million units valued at N5.57bn from 9,370 deals executed.
Some analysts have projected that the bullish sentiment in the market will be sustained this week as investors position themselves for the New Year through sectoral portfolio rebalancing.
It is however expected that investors in the market will engage in profit-taking and bargain-hunting for dividend-paying stocks given the reporting and earnings season is just around the corner.
SOURCE: PUNCHNG
