Bulls Maintain Grip As Equities Rises By N14bn

The local equities market, yesterday, closed higher by N14 billion as investors continued their bargain-hunting activities in the market.

The All Share Index (ASI) gained by 25.89 points, representing a growth of 0.05 per cent to close at 52,605.41 points. Also, market capitalisation gained N14 billion to close at N28.644 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Conoil, Ecobank Transnational Incorporated (ETI), Chemical & Allied Products (CAP), Champion Breweries and United Capital.

As measured by market breadth, market sentiment was positive as 32 stocks gained relative to 19 losers. Conoil recorded the highest price gain of 10 per cent to close at N48.40, per share. Multiverse Mining and Exploration followed with a gain of 9.97 per cent to close at N3.75, while John Holt rose by 9.77 per cent to close at N1.91, per share.

CWG went up by 9.66 per cent to close at N1.59, while Transnational Corporations (Transcorp) appreciated by 9.50 per cent to close at N1.96, per share. 

On the other hand, Unity Bank led the losers’ chart by 9.26 per cent, to close at 49 kobo, per share. Japaul Gold & Ventures followed with a decline of 8.82 per cent to close at 31 kobo, while Cutix declined by 8.80 per cent to close at N2.28, per share.

Nigerian Breweries depreciated by 8.29 per cent to close at N32.10, while Academy Press declined by 5.71 per cent to close at N1.65, per share.

The total volume traded advanced by 25.34 per cent to 640.969 million units, valued at N7.133 billion, and exchanged in 5,884 deals. 

Transactions in the shares of Access Holdings topped the activity chart with 129.729 million shares valued at N1.482 billion. United Bank for Africa (UBA) followed with 91.113 million shares worth N728.472 million, while FBN Holdings (FBNH) traded 80.973 million shares valued at N969.538 million.

Zenith Bank traded 42.751 million shares valued at N1.045 billion, while NEM Insurance sold 33.644 million shares worth N153.080 million.