The Nigerian equities, yesterday, witnessed an unprecedented rally that propelled a surge in market capitalisation by N1.567 trillion as virtually all the stocks recorded price appreciation.
Precisely, at the close of transactions yesterday, heavy bargain hunting in Prescoe Plc and 71 others, lifted the overall market capitalization by N1.567 trillion to cross over N45 trillion.
The all-share index (ASI) gained 2,863.26 points, representing a gain of 3.56 per cent to close at 83,191.84 points.
Also, market capitalisation rose by N1.567 billion to close at N45.524 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Presco, Dangote Cement, MTN Nigeria Communications (MTNN), BUA Foods and Transcorp Hotels.
Analysts at Investdata Consulting Limited said: “The bull-run of the market has not changed the mixed outlook of 2024, with the fiscal and monetary authorities yet to give a clear direction of where the economy is heading, coupled with what is happening at the global economic arena.
“We expect positive sentiment and profit taking to continue, as NGX crosses 80,000 mark on positioning by bargain hunters ahead of unaudited Q4 2023 numbers.
“As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”
As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to 13 losers. Cadbury Nigeria, FBN Holdings (FBNH), FTN Cocoa Processors, Guinea Insurance, Mutual Benefits Assurance, Unilever Nigeria and Universal Insurance emerged the highest price gainer of 10 per cent each to close at N18.15 kobo, N28.60 kobo, N2.20 kobo, 44 kobo, 77 kobo, N18.15 kobo and 33 kobo respectively.
Wema Bank and Zenith Bank followed with a gain of 9.99 per cent each to close at N8.92 kobo and N47.35, while International Breweries advanced by 9.98 per cent to close at N5.29 kobo.
On the other hand, TotalEnergies Marketing Nigeria led others on the losers’ chart with 10 per cent to close at N346.5. DAAR Communications followed with a decline of 9.4 per cent to close at N1.06 kobo while R.T. Briscoe Nigeria shed 8.45 per cent to close at 65 kobo.
SUNU Assurance lost 7.69 per cent to close at N1.2, while Prestige Assurance also depreciated by 7.41 per cent to close at 50 kobo.
The total volume traded advanced by 18.5 per cent to 1.41 billion units, valued at N24.68 billion, and exchanged in 17,144 deals.
Transactions in the shares of Fidelity Bank led the activity with 141.749 million shares worth N1.965 billion. FCMB Group followed with account of 128.974 million shares valued at N1.485 billion, while United Bank for Africa (UBA) traded 117.713 million shares valued at N3.779 billion.
Transnational Corporations (Transcorp) traded 108.34 million shares worth N1.576 billion, while Access Holdings traded 85.208 million shares worth N2.525 billion.
