Stock market is still upbeat, with a N1 billion increase in market capitalization

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The Nigerian stock market continues to rise, closing at N28.719 trillion, up from N28.619 trillion on Monday, an increase of N1 billion (0.35%).

The All-Share Index (ASI) also increased by 0.35 percent, closing at 53,270.88 basis points, up from 53,086.86 basis points on Monday.

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As a result, the ASI’s month-to-date performance fell by 0.6%, but its year-to-date performance increased by 24.71 percent.

“The stock market closed positively, as bargain hunting was witnessed in all of the key industries,” GTI Research analysts stated.

“We anticipate that cautious trading will continue.”

The market breadth was positive, with 16 equities rising against 15 falling.

GSPEC Plc saw the biggest price increase of 10%, closing at N2.75 per share.

JapaulGold gained 6.67 percent to settle at 32k per share, while Jaiz Bank gained 7.95 percent to close at 90k per share.

GlaxosmithKline climbed 7.20 percent to N5.11 a share, while UACN gained 4.55 percent to N31.75 per share.

Academy Press, on the other hand, led the losers’ list by 9.73 percent, closing at N11.50 per share.

CutixPlc lost 10% of its value to settle at N2.69 per share, while Cadbury lost 5.92 percent to close at N16.65 per share.

Following that, FTNCocoa fell 5.56 percent to settle at 34 dollars per share, while WAPIC fell 4.70 percent to close at 40 dollars per share.

Honeywell Flour ended the day at N3.15, down 4.55 percent.

The total number of shares traded was 234.62 million, valued at N2.745 billion, and traded in 4,232 transactions.

Transcorp shares led the volume chart, with 30.43 million shares worth N37.21 million changing hands.

UBA came in second with 25.8 million shares worth N201.34 million, followed by Chams Plc with 20.53 million shares for N4.93 million.

Fidelity Trust Bank traded 17.51 million shares worth N59.35 million, while NGX Group traded 18.53 million shares worth N459.96 million.

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