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Equities Market Retains Positive Outlook With 1.07% Gain

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The Nigerian equities market extended positive stance at the close of market yesterday with a growth of 1.07 per cent, moving the market Year-to-Date performance into positive region.

The All – Share -Index (ASI) gained 332.36 absolute points, representing a growth of 1.07 per cent to close at 31,477.51 points, while the year to date performance of the NSE-ASI bounced back into positive territory to stand at 0.15 per cent. Similarly, market capitalisation grew by N146 billion,  to close at N13.864 trillion.

The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, Nestle Nigeria, Beta Glass, Mobil Nigeria, MTN Nigeria and Dangote Cement.

Analysts at Afrinvest Limited expected the rally in the equities market to persist in the short term, following sustained interest in MTNN shares.

Market breadth remained in the negative region with 14 gainers against 24 decliners. Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 44 kobo, per share. Japaul Oil & Maritime Services followed with a gain of 9.09 per cent to close at 24 kobo, while. Nigerian Aviation Handling Company (NAHCO) appreciated by 7.91 per cent to close at N3.41, per share.

Beta Glass rose by 7.60 per cent to close at N75, while Conoil appreciated by 6.95 per cent  to close at N21.55, per share. On the other hand, Academy Press and Livestock Feeds led the losers’ chart by 10 per cent each, to close at 27 kobo and 54 kobo, respectively, per share.  Courteville Business Solutions and United Capital followed  with a decline of 8.70 per cent each, to close at 21 kobo and N2.10, respectively, while Chams depreciated by 8.33 per cent, to close at 33 kobo, per share.

Total volume traded appreciated by 90.03 per cent to 559.76 million shares, worth N8.68 billion, and traded in 6,042 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart 280.76 million shares worth N64.6 billion. United Bank for Africa (UBA) followed with account of 44.42 million shares valued at N256.51 million, while MTN Nigeria traded 34.23 million shares cost N5.24 billion.

Zenith Bank traded 33.49 million shares valued at N630.73 million, while Transnational Corporation of Nigeria (Transcorp) sold 17.43 million shares worth N19.87 million.

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