Blue Chip Stocks Lead Charge As Equities Gain N2.28trn

Nigeria’s equities market yesterday added N2.28 trillion in value as blue-chip stocks drove a broad rally, lifting the overall market capitalisation to cross N134 trillion.

The All Share Index (ASI) gained 3,486.03 points, representing a growth of 1.69 per cent to close at 209,317.41 points. Also, market capitalisation gained N2.280 trillion to close at N134.772 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Airtel Africa, Aradel Holdings, Stanbic IBTC Holdings, CAP and MTN Nigeria Communications (MTNN).

On market outlook, Cowry Assets Management Limited said, “heading into Thursday’s session, the market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the continued tailwind from the FTSE Russell series relisting announcement.”

Market breadth was positive, as 38 advancers outpaced 36 decliners. Aradel Holdings and Airtel Africa recorded the highest price gain of 10 per cent each to close at N1,406.90 and N2,746.70, respectively, while Ecobank Transnational Incorporated (ETI) followed with a gain of 9.98 per cent to close at N55.65 per share.

Trans-Nationwide Express rose by 9.89 per cent to close at N5.00, while Fortis Global Insurance rose by 9.82 per cent to close at N1.23 per share.

On the other hand, Austin Laz & Company led the losers’ chart by 9.77 per cent to close at N3.60 per share. John Holt followed with a decline of 9.72 per cent to close at N13.00, while CWG declined by 7.22 per cent to close at N21.20 per share.

Conoil depreciated by 6.80 per cent to close at N190.50, while Omatek Venture declined by 5.48 per cent to close at N2.07 per share.

Also, the total volume traded rose by 24.08 per cent to 706.392 million units, valued at N41.876 billion, and exchanged in 46,231 deals. Transactions in Zenith Bank shares topped the activity chart, with 73.288 million shares valued at N8.778 billion. Tantalizer followed with 56.535 million shares worth N220.350 million, while United Bank for Africa (UBA) traded 49.845 million shares valued at N2.287 billion.

Access Holdings traded 38.144 million shares valued at N1.005 billion, while Secure Electronic Technology sold 32.649 million shares worth N31.715 million.