By Philemon Adedeji
Federal Government of Nigeria (FGN) declared public holiday on Monday for the inauguration of the President-elect, as the week opened yesterday stock market reacted positively with benchmark All Share Index (ASI) closed by 2771.86 basis points representing 5.23 per cent stronger to close at 55,745.74 absolute points from 52973.88 absolute points it closed trade on Friday.
Index heavyweights, in MTNN (+7.53 per cent), Dangote Cement (+7.41 per cent) and Bua Cement (+4.55 per cent) drove the market’s strong performance, alongside gains in Tier-1 banking names.
The market upturn performance was driven by price appreciation in medium and large capitalized stocks which are: Deacap, Eternal Oil, First City Monument Bank, MTNN and others
As a result, the year-to-date (YTD) return rose to 8.77 per cent, with the market capitalization value increased by N1.51 trillion to close at N30.35 trillion.
At the close of trade yesterday, the breakdown of the market performance showed trade turnover closed higher relative to the previous session, with the value of transactions up by 106.07 per cent.
The trade volume increased to 1.08 billion shares worth N15.80 billion were exchanged in 9,916 deals.
Access Corporation led the volume and value charts with 199.62 million units traded in deals worth N2.45 billion.
As measured by market breadth market sentiments closed positive as 64 gainers led on the advancers chart, while Ikeja Hotel led 12 losers on the laggards logs.
On the price movement table, Deacap, Eterna Oil, First City Monument Bank, Nigerian Breweries, Zenith Bank, led as the highest price gainer which appreciated by 10.00 per cent each increased to close at N0.22, N7.70, N4.62, N42.35, N29.70 per share respectively.
On the price losers chart, Ikeja Hotel led as the best price loser which depreciated by 10.00 per cent to close at N2.16 per share, NCR which closely followed went down by 9.80 per cent to close at N2.76 per share, while Tantalizer shed 8.00 per cent to close at N0.23 per share.
International Energy Insurance which recorded as the last fourth loser suffered 6.98 per cent loss to close at N1. 20 per share, while Consolidated Hallmark Insurance plc which recorded as the last fifth loser dipped by 6.56 per cent to close at N0. 57 per share.