Equities Market Rebounds By N111bn On Renewed Investor Optimism

The Nigerian equities market closed on a positive note yesterday, with a gain of N111 billion, following share price appreciation in MTN Nigeria Communications (MTNN) Plc and 32 others.

The All-Share Index (ASI) gained 174.66 points, representing a gain of 0.12 per cent to close at 143,239.23 points. Also, market capitalisation rose by N111 billion to close at N 91.107 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, NCR Nigeria, Ikeja Hotel, Honeywell Flour Mills and NEM Insurance.

The market sentiment closed positive with 33 advancing stocks versus 20 declining counters. Ikeja Hotel and Linkage Assurance emerged the highest price gainer of 10 per cent each to close at N27.50 and N1.87 respectively, per share.

NCR Nigeria and Learn Africa followed with a gain of 9.96 per cent each to close at N54.65 and 5.74 respectively, while Union Dicon Salt advanced by 9.52 per cent to close at N6.90, per share.

On the other side, Champion Breweries led others on the losers’ chart with 9.85 per cent to close at N12.35, per share. Sterling Financial Holdings Company followed with a decline of 8.33 per cent to close at N7.15, while UPDC shed 8.23 per cent to close at N5.02, per share.

C&I Leasing declined by 4.83 per cent to close at N5.32, while Guinea Insurance down by 4.35 per cent to close at N1.10, per share.

Meanwhile, the total volume traded decreased by 56.04 per cent to 324.551 million units, valued at N13.051 billion, and exchanged in 18.328 deals. Transactions in the shares of Fidelity Bank led the activity with 32.200 million shares worth N615.142 million. United Bank for Africa (UBA) followed with an account of 28.216 million shares, valued at N1.023 billion, while Guaranty Trust Holding Company (GTCO) traded 26.196 million shares, valued at N2.266 billion.

Zenith Bank traded 24.557 million shares worth N1.484 billion, while Access Holdings traded 14.442 million shares worth N302.011 million.