Bounty Profit For Investors As Equities Market Gain N421bn

The Nigerian equities market yesterday sustained its upswing as the overall capitalisation rose by N421 billion following a price uptick in Seplat Energy and 50 others.

Accordingly, the All Share Index (ASI) gained by 772.98 points, representing a growth of 1.30 per cent to close at 60,108.86 points. Also, market capitalisation gained N421 billion to close at N32.730 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Energy, TotalEnergies Marketing Nigeria, MTN Nigeria Communications (MTNN), Transcorp Hotel and Conoil.

United Capital Plc stated that “yesterday, the domestic equity market closed on a positive note, with investors leaning more to their risk-on nature in a bid to exploit a recovering and largely profitable market.

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“The suppressed yield environment has continued to serve as an added incentive for investors to switch more toward listed corporates, in view of the potentially brighter mid-term outlook for the Nigerian economy.

As measured by market breadth, market sentiment was positive, as 51 stocks gained relative to 13 losers. Afromedia, Courteville Business Solutions, Ikeja Hotel and Omatek Ventures recorded the highest price gain of 10 per cent each to close at 22 kobo, 66 kobo, N3.63 and 33 kobo respectively, per share.

Transcorp Hotel followed with a gain of 9.97 per cent to close at N21.29, while Ellah Lakes appreciated by 9.88 per cent to close at N3.56, per share.

On the other hand, Red Star Express led the losers’ chart by 10 per cent to close at N3.15, per share. C&I Leasing followed with a decline of 9.79 per cent to close at N3.50, while Morison Industries declined by 9.22 per cent to close at N1.97, per share.

Sovereign Trust Insurance depreciated by 7.41 per cent to close at 50 kobo, while May & Baker Nigeria declined by 6.42 per cent to close at N5.10, per share.

The total volume traded increased by 38.18 per cent to 763.696 million units, valued at N12.534 billion, and exchanged in 9,463 deals. Transactions in the shares of Access Holdings topped the activity chart with 111.668 million shares valued at N1.741 billion. Guaranty Trust Holding Company (GTCO) followed with 78.986 million shares worth N2.693 billion, while United Bank of Africa (UBA) traded 72.292 million shares valued at N878.219 million.

Sterling Financial Holdings Company traded 65.612 million shares valued at N195.575 million, while Zenith Bank sold 52.437 million shares worth N1.770 billion.