The stock market started the year on a strong note, delivering an impressive N155 billion profit to investors on the first trading day.

The positive performance was driven primarily by gains in Tier-one banking stocks, namely, Zenith Bank, United Bank for Africa (UBA) and FBN Holdings, Access Corporation, among other equities.
Specifically, the market capitalisation, which opened at N62.763 trillion, gained N155 billion or 0.25 per cent to close at N62.918 trillion.

The All-Share index also gained 0.25 per cent or 254 points, to close at 103,180.14, against 102,926.40 reported on Tuesday.

As a result, the Year-To-Date (YTD) return stood at 0.25 per cent.

Market breadth also closed positive with 58 gainers and eight losers.

Cornerstone Insurance, Cutix Plc, International Energy Insurance Plc, NCR Nigeria and Axa Mansard Insurance led the gainers’ chart by 10 per cent each to close at N3.96, N2.53, N1.87, N5.50 and N9.02 per share, respectively.

On the losers’ side, Ellah Lakes Plc led by 4.75 per cent to close at N3.01, National Salt Company trailed by 4.31 per cent to close at N30 per share.

Computer Warehouse Group also lost 3.25 per cent to close at N7.45, Fidelity Bank dropped 2.86 per cent to close at N17, while International Breweries Plc shed 0.90 per cent to close at N5.50 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 85.95 per cent.

A total of 829.75 million shares valued at N5.67 billion were exchanged in 11,752 deals, compared with 437.76 million shares valued at N40.34 billion exchanged in 8,830 deals, posted in the previous session.

Meanwhile, Royal Exchange led the activity chart in volume with 290.99 million shares while Access Corporation led in value of deals worth N430.78 million.(NAN)