Equities Market Gains N283bn As Buy-side Support Remains Strong

The Nigerian equities market yesterday maintained its positive trajectory, with steady demand driving a N283 billion gain

The All-Share Index (ASI) gained 441.27 points, representing a gain of 0.25 per cent to close at 178,625.63 points. Also, market capitalisation rose by N283 billion to close at N114.660 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks, amongst which are: Seplat Energy, Presco, Beta Glass, CAP and MTN Nigeria Communications (MTNN).

On market outlook, Imperial Asset Managers Limited said, “The outlook remains cautiously optimistic for the next trading session, which fortunately is the last trading day of the week. Penchant for profit-taking may outweigh that of buying interest judging by the thinning out of sturdy market breadth seen earlier in the week.”

Market breadth remained positive with 45 advancing stocks surpassing 35 declining counters. DEAP Capital Management & Trust, R.T. Briscoe Nigeria and Seplat Energy emerged the highest price gainer of 10 per cent each to close at N8.69, N15.84 and N8, 107.00 respectively, per share.

Zichis Agro Allied Industries followed with a gain of 9.97 per cent to close at N9.82, while Daar Communications advanced by 9.96 per cent to close at N2.76 per share.

On the other side, Nigerian Aviation Handling Company (NAHCO) led others on the losers’ chart with 9.98 per cent to close at N148.45 per share. Abbey Mortgage Bank followed with a decline of 9.68 per cent to close at N11.20, while Eterna shed 9.50 per cent to close at N30.00, per share.

May & Baker Nigeria depreciated by 9.19 per cent to close at N40.50, while Ecobank Transnational Incorporated (ETI) declined by 8.72 per cent to close at N45.00, per share.

Meanwhile, the total volume traded decreased by 25.64 per cent to 698.342 million units, valued at N28.438 billion, and exchanged in 50,886 deals. Transactions in the shares of Access Holdings led the activity with 52.051 million shares worth N1.249 billion. Zenith Bank followed with an account of 42.525 million shares valued at N3.314 billion, while Tantalizers traded 42.133 million shares valued at N253.849 million.

Guaranty Trust Holding Company traded 40.778 million shares worth N4.337 billion, while DEAP Capital Management & Trust traded 34.414 million shares worth N298.075 million.