Investors have reason to smile as the stock market recoups losses and records a significant profit of N1.086 trillion. This gain is largely attributed to the renewed interest in several large and medium capitalised stocks. Stocks such as John Holt, Consolidated Hallmark Holdings, Legend Internet, Airtel Africa, and Zichis Agro Allied Industries are among the 37 gainers that drove the market higher.
The market capitalisation opened at N127.750 trillion and added N1.086 trillion or 0.85 per cent to close at N128.836 trillion. The All-Share Index also rose by 0.85 per cent or 1,691.86 points to settle at 200,705.88 points. As a result, the Year-to-Date return climbed to 28.98 per cent.
The market breadth was positive, with 37 gainers and 23 losers. Airtel Africa, John Holt, Legend Internet, and Consolidated Hallmark Holdings led the gainers' chart by 10 per cent each, settling at N2,497, N14.95, N6.60, and N4.95 per share respectively. Zichis Agro Allied Industries also increased by 9.97 per cent, closing at N10.37 per share.
The N1.086 trillion profit recorded by the stock market is a welcome development for investors, particularly those who have been holding on to stocks such as Airtel Africa and John Holt. However, the significant losses incurred by companies like NPF Micro-finance Bank and Royal Exchange serve as a reminder of the market's volatility. The market's positive breadth, with 37 gainers and 23 losers, suggests a mixed bag of fortunes for investors. As the market continues to rebound, it remains to be seen whether this trend will persist. The increase in market volume and value, coupled with the decline in deals, indicates a shift in investor sentiment.
