Equities Market Performance Rebounds, Up By N505bn

The local equities market yesterday recovered from loss as gains in BUA Foods Plc and 24 others pushed the market up by N505 billion.

The All-Share Index (ASI) gained 938.53 points, representing a gain of 0.87 per cent to close at 108,609.51 points. Also, market capitalisation rose by N505 billion to close at N67.684 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Foods, Eterna, Africa Prudential, Honeywell Flour and NASCON Allied Industries.

As measured by market breadth, market sentiment closed negative, as 25 stocks gained relative to 28 losers. BUA Foods emerged the highest price gainer of 9.91 per cent to close at N410.50, per share. R.T. Briscoe Nigeria followed with a gain of 6.91 per cent to close at N2.63, while Eterna advanced by 6.25 per cent to close at N42.50, per share.

SUNU Assurance increased by 6.13 per cent to close at N6.92, while Veritas Kapital Assurance added 6.03 per cent to close at N1.23, per share.

On the other side, International Energy Insurance and University Press led others on the losers’ chart with 9.80 per cent each to close at N2.21 and N4.60 respectively, while Union Dicon Salt followed with a decline of 9.52 per cent to close at N6.65, per share.

McNichols Consolidated lost 8.57 per cent to close at N1.60, while DAAR Communications depreciated by 7.25 per cent to close at 64 kobo, per share.

The total volume of trades decreased by 15.90 per cent to 343.719 million units, valued at N8.632 billion, and exchanged in 12,970 deals. Transactions in the shares of Access Holdings led the activity with 65.096 million shares worth N1.801 billion. Fidelity Bank followed with 50.688 million shares valued at N962.544 million, while Zenith Bank traded 22.091 million shares valued at N1.118 billion.

Sterling Financial Holdings Company traded 13.169 million shares worth N78.062 million, while Wapic Insurance traded 13.076 million shares worth N37.935 million.