Equities Market Advances By N73bn Amid Renewed Bullish Activity

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The domestic equities market yesterday increased by N73 billion amid renewed bargain-hunting activity.

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The All Share Index (ASI) rose by 134.50 points, representing an increase of 0.28 per cent to close at 48,988.04 points. While the overall market capitalisation value gained N73 billion to close at N26.682 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, NASON Allied Industries, Red Star Express, United Capital and Nigerian Aviation Handling Company (NAHCO).

Market sentiment, as measured by market breadth was positive as 16 stocks gained, relative to 12 losers. Red Star Express recorded the highest price gain of 9.71 per cent to close at N2.26, per share. Chams followed with a gain 9.52 per cent to close at 23 kobo, while SCOA  rose by 8.97 per cent to close at 85 kobo, per share.

Learn Africa went up by 8.84 per cent to close at N1.97,  while Lasaco Assurance appreciated by 7.14 per cent to close at 90 kobo, per share. On the other hand, Prestige Assurance led the losers’ chart by 8.70 per cent to close at 42 kobo, per share. Multiverse Mining and Exploration followed with a decline of 8.51 per cent to close at N3.98, while Linkage Assurance depreciated by 6.98 per cent  to close at 40 kobo, per share.

Eterna declined by 5.75 per cent to close at N6.07, while Dangote Sugar Refinery depreciated by 5.56 per cent to close at N15.30, per share.

However, the total volume of trades decreased by 45.95 per cent to 88.039 million units, valued at N1.676 billion, and exchanged in 2,832 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 10.214 million shares valued at N213.647 million. Zenith Bank followed with 9.787 million shares worth N225.271 million, while Jaiz Bank traded 7.911 million shares valued at N7.023 million.

Sterling Bank traded 5.167 million shares valued at N7.089 million, while United Capital transacted 4.471 million shares worth N61.571 million.

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