Equities market gains N618bn to close October positive

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In the last trading session of the month of October, the domestic stock market yesterday continued its winning streak with a gain of N618 billion, the highest point since September 19, 2023.

The All-Share Index (ASI) gained 1,124.48 points, representing a gain of 1.65 per cent to close at 69,236.19 points. Also, market capitalisation rose by N618 billion to close at N38.039 trillion.

Index heavyweights, Airtel Africa, Presco, Northern Nigeria Flour Mills (NNFM), UAC Nigeria (UACN) and Cadbury Nigeria drove the market’s strong performance.

As measured by market breadth, market sentiment was positive, as 40 stocks gained relative to 25 losers. Airtel Africa emerged the highest price gainer of 10 per cent to close at N1,540.10, while Cadbury Nigeria and NNFM followed with a gain of 9.92 per cent each to close at N13.85 and N19.95 respectively, per share.

Chams Holding Company rose by 9.90 per cent to close at N2.22, while Associated Bus Company appreciated by 9.72 per cent to close at 79 kobo, per share. On the other side, Beta Glass led others on the losers’ chart with 9.93 per cent to close at N60.30, per share. University Press followed with a decline of 9.79 per cent to close at N2.12, while Ellah Lakes shed 9.56 per cent to close at N3.50, per share.

Sovereign Trust Insurance down by 8.82 per cent to close at 31 kobo, while Learn Africa depreciated by 8.79 per cent to close at N3.01, per share.

The total volume traded advanced by 12.3 per cent to 483.27 million units, valued at N6.04 billion, and exchanged in 8,027 deals. Transactions in the shares of Japaul Oil and Maritime Services led the activity with 155.594 million shares worth N181.859 million. United Bank for Africa (UBA) followed with account of 33.933 million shares valued at N688.201 million, while Zenith Bank traded 29.899 million shares valued at N996.447 million.

Access Holdings traded 27.435 million shares worth N468.662 million, while Chams Holding Company traded 22.516 million shares worth N48.065 million.