Equities Extend Gains, Up N314bn

Nigerian equities yesterday delivered a positive performance and extended gains from the previous session as the overall capitalization rose by N314 billion, driven by a rally in Geregu Power Plc and 26 others.

The All-Share Index (ASI) rose by 545.28 points, representing a gain of 0.56 per cent to close at 98,230.92 points. Also, market capitalisation gained N314 billion to close at N56.447 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Geregu Power, Oando, Eterna, FBN Holdings and Vitafoam Nigeria.

As measured by market breadth, market sentiment closed slightly negative, as 27 stocks gained relative to 28 losers. Honeywell Flour Mills emerged the highest price gainer of 9.96 per cent to close at N5.41, per share. Meyer followed with a gain of 9.95 per cent to close at N6.41, while Academy Press advanced by 9.89 per cent to close at N2.89, per share.

Caverton Offshore Support Group rose by 9.68 per cent to close at N3.06, while Geregu Power went up by 9.52 per cent to close at N1,150.00, per share.

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On the other side, Northern Nigeria Flour Mills (NNFM) led others on the losers’ chart with 10 per cent to close at N39.15, per share. Berger Paints Nigeria followed with a decline of 9.81 per cent to close at N21.60, while Deap Capital Management and Trust shed 9.68 per cent to close at 84 kobo, per share.

Livestock Feeds lost 9.09 per cent to close at N2.40, while Omatek Ventures depreciated by 7.14 per cent to close at 65 kobo, per share.

Also, the total volume traded declined by 23.3 per cent to 361.303 million units, valued at N7.567 billion, and exchanged in 9,627 deals. Transactions in the shares of Japaul Gold & Ventures led the activity with 64.042 million shares worth N166.918 million, FBNH followed with account of 26.675 million shares valued at N840.671 million, while United Bank for Africa (UBA) traded 25.713 million shares valued at N618.203 million.

UPDC traded 18.224 million shares worth N37.328 million, while Transnational Corporation (Transcorp) traded 17.817 million shares worth N191.592 million.