Stocks Market Gains N394bn Yesterday Making It the Fourth Consecutive Win for Some Investors

The Nigerian stock market yesterday continued its positive run for the fourth consecutive day, as its total capitalization finished N394 billion stronger.

The All-Share Index (ASI) rose 720.53 points, or 1.10%, to close at 65,988.81 points. In addition, market capitalization increased by N394 billion to N30. 933 trillion.

The turnaround happened because of the price increases in big and medium-capitalized equities, including Seplat Energy, MTN Nigeria Communications, Geregu Power, Nigerian Exchange Group, and Skyway Aviation Handling Company.

Yesterday market sentiment was positive, as evaluated by market breadth, with 32 equities gaining while 30 stocks experienced a loss. 

FTN Cocoa Processors and Ikeja Hotels saw the largest price gains of 10% each, closing at N2.42 and N2.97, respectively, while Seplat Energy followed as well with a gain of 9.99%, to close at N1,539.70 per share.

Skyway Aviation Handling Company rose 9.83% to N19.55 a share, while Japaul Gold & Ventures rose 9.78%b to N1.01 per share.  

Conoil and Learn Africa headed the losers chart with 10% declines to close at N101.25 and N3.69, respectively, while John Holt followed with a 9.96% fall to close at N2.44, per share.

Multiverse Mining and Exploration was down 9.88 percent to N3.01 a share, while Thomas Wyatt Nigeria fell 8.45 percent to N1.30 per share. The overall volume traded fell by 33.43 percent to 553.518 million units worth N7.42 billion and transacted in 8,313 transactions.