Nigerian Stock Market Profits N77bn Despite Easter Celebration

The Nigerian Exchange Limited (NGX) stock market gained N77b on Thursday to close positive and sustain a five-day bullish trend amidst the Easter celebration.

Thursday was the last trading day of the week as the federal government declared Friday (Good Friday), April 15th, and Monday (Easter Monday), April 18th, 2022, as public holidays to mark the Easter celebrations.

The NGX All Share Index (ASI) rose by 143.07 points or 0.30 percent to close at 47,510.38 basis points, while the overall market capitalization value gained N77 billion to close at N25.613 trillion.

The upturn was impacted by gains recorded in medium and large capitalized stocks: SFS Real Estate Investment Trust (SFSReit), Dangote Cement, Nigerian Breweries, Julius Berger, and Berger Paints Nigeria.

As measured by market breadth, market sentiment was positive as 21 stocks gained, relative to 16 decliners. SFSReit recorded the highest price gain of 10 percent to close at N77.00 per share. MEYER Plc followed with a gain of 7.38 percent to close at N1.60, while UPDC Real Estate Investment Trust went up by 7.32 percent to close at 88 kobos per share.

Chams rose by five percent to close at 21 kobos, while Linkage Assurance appreciated by 4.08 percent to close at 51 kobos per share. On the other hand, Dangote Sugar Refinery led the losers’ chart by 5.09 percent to close at N15.85 per share. R.T. Briscoe Nigeria followed with a decline of five percent to close at 57 kobos, while Africa Prudential depreciated by 4.76 percent to close at N6.00 per share.

Union Bank of Nigeria (UBN) declined by 4.62 percent to close at N6.20, while Cutix and Red Star Express depreciated by 1.64 percent each to close at N2.40 and N3.00 respectively, per share.

Meanwhile, the total volume of trades fell by 1.7 percent to 385.182 million units, valued at N4.022 billion, and exchanged in 6,212 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 74.814 million shares valued at N282.518 million.

Sterling Bank followed with 45.533 million shares worth N64.895 million, while Access Holdings traded 33.866 million shares valued at N347.251 million. Zenith Bank traded 31.090 million shares valued at N777.994 million, while African Alliance Insurance transacted 26.656 million shares worth N5.331 million.