Positive Sentiment Lifts Stock Market Higher as Market Cap Rises to N106.09trn
- The Nigerian stock market closed another trading day with a strong performance
- Market sentiment was positive with 33 gainers, despite slower trading activity as volume fell nearly 20%
- 5 companies topped the gainers, while Austin Laz, Neimeth Pharmaceuticals, and Prestige Assurance led the decliners
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market closed on a bullish note on Tuesday, January 28 driven by renewed investor interest in select mid- and large-cap stocks.
The benchmark All-Share Index (ASI) gained 0.12% to close at 165,713.82 points, up from 165,517.56 points recorded in the previous session.
As a result, investors’ wealth increased by N125.65 billion, with market capitalisation settling at N106.09 trillion.
Source: Getty Images
Market sentiment was positive, as 33 stocks advanced, led by SCOA Nigeria Plc, while 25 stocks declined, with Austin Laz & Company Plc topping the losers’ table.
Trading activity
Market activity slowed, as total trading volume declined by 19.70% to 483.09 million shares exchanged in 41,499 deals, valued at N17.38 billion.
Top five gainers
- SCOA Plc rose from N26.15 to N28.75, gaining N2.60 (+9.94%).
- Union Homes Real Estate Investment Trust PLC advanced from N78.45 to N86.25, up N7.80 (+9.94%).
- DEAP Capital Plc climbed from N7.85 to N8.63, adding N0.78 (+9.94%).
- Morison Industries Plc increased from N8.27 to N9.09, up N0.82 (+9.92%).
- RT Briscoe Plc gained from N6.57 to N7.22, rising by N0.65 (+9.89%).
Top five decliners
- Austin Laz Plc fell from N4.82 to N4.34, shedding N0.48 (-9.96%).
- Neimeth International Pharmaceuticals Plc declined from N11.95 to N10.80, down N1.15 (-9.62%).
- Prestige Assurance Plc dropped from N1.90 to N1.76, losing N0.14 (-7.37%).
- Afriprudential Plc slipped from N15.80 to N14.70, down N1.10 (-6.96%).
- Veritas Kapital Assurance Plc fell from N2.04 to N1.90, shedding N0.14 (-6.86%).
Source: Getty Images
Top trades by volume
- Access Holdings Plc traded 26.46 million shares worth N599.77 million.
- GTCO Plc exchanged 25.28 million shares valued at N2.49 billion.
- NSLTech Plc recorded 24.69 million shares worth N23.77 million.
- Japaul Gold Plc traded 21.40 million shares valued at N54.22 million.
- Tantalizers Plc saw 20.28 million shares exchanged, worth N72.73 million.
Providus Bank to absorb Unity Bank
Legit.ng reported that Providus Bank, which currently operates under a regional banking licence, is set to assume the corporate identity and operations of Unity Bank through a strategic merger.
The plan involves the cancellation of Unity Bank’s entire share capital, effectively dissolving the institution.
As part of the approved merger arrangement, Providus Bank Limited’s certificate of incorporation will represent the merged entity, while Unity Bank shareholders will receive either cash compensation or shares in Providus Bank.
Source: Legit.ng
