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

In the first trading day of the year, the Nigerian Stock Exchange (NGX) stock market opened on a bright note as capitalisation hit above N28 trillion, yesterday.

The NGX All Share Index (ASI) rose by 344.60 basis points, representing a gain of 0.67 per cent to close at 51,595.66 basis points. Accordingly, investors gained N188 billion in value as market capitalisation went up to N28.103 trillion.

The upturn was impacted by gains recorded in medium and large 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 market breadth, market sentiment was positive as 22 stocks gained relative to 11 losers. BUA Foods recorded the highest price gain of 10 per cent to close at N71.50, per share.

John Holt followed with a gain 9.59 per cent to close at 80 kobo, while Prestige Assurance went up by 9.52 per cent to close at 46 kobo, per share.

NAHCO went up by 9.38 per cent to close at N7.00, while UBA appreciated by 9.21 per cent to close at N8.30, per share.

On the other hand, Chellarams led the losers’ chart by 9.82 per cent to close at N2.02, per share.

Computer Warehouse Group (CWG) followed with a decline of 8.91 per cent to close at 92 kobo, while FCMB Group went down by 8.83 to close at N3.51, per share.

Honeywell Flour Mills lost 5.98 per cent to close at N2.20, while Japaul Gold & Ventures shed 3.57 per cent to close at 27 kobo, per share.

The total volume traded declined by 63.9 per cent to 321.675 million units, valued at N4.350 billion, and exchanged in 4,122 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 207.616 million shares valued at N2.474 billion.

Guaranty Trust Holding Company (GTCO) followed with 13.756 million shares worth N318.207 million, while AIICO Insurance traded 12.241 million shares valued at N7.676 million.

UBA traded 8.150 million shares valued at N64.588 million, while Access Holdings transacted 6.747 million shares worth N58.912 million.

Analysts at United Capital anticipated robust market activity and bullish sentiments to continue. The usual January momentum is likely to dominate particularly as the yield environment appears to be shifting downwards.