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  • Business - Market Data
  • Updated: February 16, 2024

Nigerian stock market gains N329bn in second consecutive rally

 Nigerian stock market gains N329bn in second consecutive ra

The Nigerian stock market sustained its bullish run for the second consecutive day, marking a notable uptick of N329 billion.

The All-Share Index (ASI) and market capitalization surged by 0.58%, concluding at 104,100 points and N56.961 trillion, respectively.

Mixed Sentiment Prevails:
Despite the overall gain, investor sentiment, as indicated by market breadth, appeared bearish, with 24 gainers and 27 losers at the session's close.

Gainers Take Lead:
Among the notable gainers were University Press (9.96%), Juli Plc (9.84%), Mutual Benefits Assurance (9.38%), Daar Communications (8.82%), and Honeywell Flour Mill (7.50%).

Banking Index Decline:
Contrarily, the banking index experienced a downturn of 1.32%, while the oil and gas sector demonstrated subdued performance.

Trading Activity Slows:
Despite the ASI's ascent, trading activity on the NGX witnessed a decline compared to the previous session, with total traded value plunging by 42.89% to N6.91 billion. Equally, the volume of traded equities recorded a 33.35% decrease to 284.49 million units, accompanied by a 5.62% drop in the number of deals to 8,168.

Major Decliners:
Noteworthy decliners for the day included Unilever, Julius Berger, and Morison, suffering losses of 9.80%, 9.64%, and 9.60%, respectively, closing at N16.10, N50.60, and N2.73 per share.

Top Traded Security:
Leading the trading charts, Guaranty Trust Holding Company emerged as the most traded security, transacting 56.61 million units valued at N2.22 billion in 326 deals.

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