Bulls Prevail On Equities Market As Capitalisation Hits N96trn

The Nigerian equities market closed yesterday’s trading session on a positive note, as buying interest in BUA Foods Plc and 27 others pushed the overall capitalisation to cross N96 trillion.

The All-Share Index (ASI) gained 1,516.10 points, representing a gain of 1.01 per cent to close at 151,456.91 points. Also, market capitalisation rose by N962 billion to close at N96.134 trillion.

The upturn was driven by price appreciation in large and medium-capitalised stocks, including BUA Foods, Aradel Holdings, Vitafoam Nigeria, Cadbury Nigeria, and Lafarge Africa.

On market outlook, Afrinvest Limited said, “We expect the bullish performance to be sustained, underpinned by bargain hunting activities.”

However, investor sentiment, as measured by market breadth, closed negative as 28 stocks advanced, while 30 declined. SCOA Nigeria emerged the highest price gainer, with a gain of 7.74 per cent to close at N7.10 per share.

Omatek Ventures followed with a gain of 7.48 per cent to close at N1.58, while Consolidated Hallmark Insurance advanced by 6.70 per cent to close at N4.78 per share.

BUA Foods rose 6.54 per cent to close at N692.50, while Vitafoam Nigeria appreciated 5.92 per cent to close at N94.00 per share.

On the other hand, LivingTrust Mortgage Bank led others on the losers’ chart with 9.91 per cent to close at N4.00 per share. Conoil followed with a decline of 5.83 per cent to close at N190.70, while Africa Prudential shed 5.69 per cent to close at N14.10 per share.

Sovereign Trust Insurance lost 3.95 per cent to close at N3.65, while NPF Microfinance Bank depreciated by 3.75 per cent to close at N3.08 per share.

The total volume traded increased by 34.96 per cent to 551.925 million units, valued at N20.537 billion, and exchanged in 27,518 deals. Transactions in the shares of Fidelity Bank led the activity with 59.117 million shares worth N1.179 billion. VFD Group followed with 39.309 million shares valued at N424.663 million, while Japaul Gold & Ventures traded 37.742 million shares valued at N94.941 million.

Access Holdings traded 37.364 million shares worth N950.063 million, while Guaranty Trust Holding Company (GTCO) traded 31.363 million shares worth N2.918 billion.