Equities Market Gains N59bn To Kick Off Week

The Nigerian equities market kicked off the week on a bullish note, with a gain of N59 billion on renewed positive sentiment.

The All-Share Index (ASI) gained by 94.27 points, representing a growth of 0.07 per cent to close at 144,722.47 points. Also, market capitalisation appreciated by N59 billion to close at N91.561 trillion.

Gains recorded in medium—and large-capitalised stocks impacted the upturn, including Dangote Sugar Refinery, Unilever Nigeria, Custodian Investment, Cadbury Nigeria, and Eunisell Interlinked.

This week, Coronation stated that “we anticipate a mixed performance in the equities market. Profit-taking is likely to persist in stocks that have recorded substantial year-to-date gains. At the same time, renewed bargain hunting interest should continue supporting the insurance and banking sectors.”

Market sentiments closed positive, as 43 stocks appreciated compared to 27 that depreciated. AIICO Insurance and UPDC recorded the highest price gain, 10 per cent each, to close at N4.18 and N7.15, respectively, while Cornerstone Insurance followed with a gain of 9.99 per cent to close at N7.60 per share.

DEAP Capital Management & Trust increased by 9.94 per cent to close at N1.77, while Custodian Investment up by 9.93 per cent to close at N40.95 per share.

On the other hand, Stanbic IBTC Holdings led the losers’ chart by 9.99 per cent to close at N100.00 per share. PZ Cussons Nigeria followed with a decline of 7.89 per cent to close at N35.00, while NEM Insurance declined by 7.85 per cent to close at N29.95 per share.

Chams Holding Company depreciated by 5.26 per cent to close at N2.70, while The Initiates Plc (TIP) declined by 5.11 per cent to close at N13.00 per share.

Meanwhile, the total volume traded declined by 16.56 per cent to 1.147 billion units, valued at N16.174 billion, and exchanged in 38,160 deals. Transactions in the shares of Universal Insurance topped the activity chart with 202.248 million shares valued at N265.823 million. Champion Breweries followed with 103.230 million shares worth N1.159 billion, while Linkage Assurance traded 77.898 million shares valued at N206.548 million.

Lasaco Assurance traded 66.420 million shares valued at N263.822 million, while Mutual Benefits Assurance sold 57.812 million shares worth N244.480 million.