Stock market enjoys growth, despite election musings

The domestic equity on Tuesday sustained growth profile, gaining N260 billion despite the problem of election irregularities experiencing in the country.

Market capitalization of listed equities increased by 0.86 per cent to N30.400 trillion from N30.140 trillion reported the previous day

The NGX All Share Index also appreciated by 477.84 basis points to 55806.27 points from 55328.42 points reported on monday.

The growth was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, MRS Oil Oando Plc and others.

United Capital Plc said had predicted that the equities market will remain bullish despite post-election uncertainties.

“We foresee opportunities for the buy-side to increase holdings (in the near-term) on fundamentally sound stocks with improved valuation and dividend performance. Nonetheless, we still expect profit-booking activity for overbought stocks,” it added

An analysis of the transaction showed MRS led gainers table during the day in a percentage terms, with a gain of 10 per cent to close at N36.85 per unit, Stanbic IBTC followed with a gain of 9.88 per cent to N41.70 per share, C &I Leasing gained 9.64 per cent to close at N3.98 per share, Mcnichols increased by 9.09 per cent to close at N0.72, Oando Plc gained 9.09 per cent close at N4.80 per unit.

On the contrary, Multiverse topped losers chart, declining by 10 per cent to close at N3.96 per share, CWG trailed with a drop 9.09 per cent to close at N0.90 per unit, Flour Mills Nigeria Plc fell by 8.44 per cent to N3.00 per unit, Chams Plc declined by 7.14 per cent to close at N0.26 per share and RTBriscoe Plc dipped by 3.57 per cent to close at N0.27 per share.

The volume of trades increased by 58.35 per cent as investors traded 237.174 million shares valued at N4.392 billion in 4435 deals against 147.780 million shares valued at N1.542 billion exchanged hands in 3186 deals.