Equities Investors Gain N69bn In Market Rebounds

The Nigerian equities yesterday rebounded after previous day’s pullback as investors’ investment went up by N69 billion.

The All Share Index (ASI) rose by 127.29 absolute points, representing a gain of 0.23 per cent to close at 54,427.05 points. Accordingly, investors gained N69 billion in value as market capitalisation went up to N29.645 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Zenith Bank, Africa Prudential, International Energy Insurance and Fidelity Bank.

On market outlook, GTI Securities Limited said: “we expect positive sentiment to be sustained as investors take refuge in safe haven stocks.”

However, market breadth closed negative as 11 stocks posted gains while 23 declined. Tripple Gee & Company recorded the highest price gain of 9.52 per cent to close at N1.15, per share.  

International Energy Insurance followed with a gain 9.40 per cent to close at N1.28, while Japaul Gold & Ventures up by 3.45 per cent to close at 30 kobo, per share.

AXA Mansard Insurance went up by 2.50 per cent to close at N2.05, while Africa Prudential appreciated by 2.46 per cent to close at N6.25, per share. On the other hand, Trans-Nationwide Express led the losers’ chart by 9.76 per cent to close at 74 kobo, per share. 

Transnational Corporation of Nigeria (or Transcorp) followed with a decline of 7.35 per cent to close at N1.26, while Courteville Business Solutions went down by 6.00 to close at 47 kobo, per share. 

Prestige Assurance lost 4.76 per cent to close at 40 kobo, while UPDC Real Estate Investment Trust (UPDCREIT) shed 4.41 per cent to close at N3.25, per share.

The total volume traded decreased by 24.22 per cent to 151.583 million shares, worth N1.811 billion, and traded in 2,974 deals. Transactions in the shares of Universal Insurance topped the activity chart with 20.036 million shares valued at N4.007 million. 

Transcorp followed with 18.685 million shares worth N24.620 million, while Guaranty Trust Holding Company (GTCO) traded 17.029 million shares valued at N427.738 million.

Sterling Bank traded 15.625 million shares valued at N23.903 million, while United Bank for Africa (UBA) transacted 7.739 million shares worth N64.689 billion.