Equities Market Sustains Uptrend As Buying Interest Propels N578bn

The domestic equities extended uptrend with a gain of N578 billion, due to buy interest in Okomu Oil Plc and 31 others.

The All-Share Index (ASI) gained 1,017.29 points, representing a gain of 1.05 per cent to close at 98,116.27 points. Also, market capitalisation rose by N578 billion to close at N55.708 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Oando, Julius Berger and Nigerian Breweries.

As measured by market breadth, market sentiment was positive as 32 stocks gained relative to 19 decliners. Unilever Nigeria, Vitafoam Nigeria and MTNN emerged the highest price gainer of 10 per cent each to close at N18.70, N19.25 and N198.00 respectively, per share.  Okomu Oil followed with a gain of 9.99 per cent to close at N353.30, while Oando advanced by 9.97 per cent to close at N36.95, per share.

On the other side, United Capital led others on the losers’ chart with 9.94 per cent to close at N14.50, per share. Abbey Mortgage Bank followed with a decline of 8.05 per cent to close at N2.40, while Sterling Financial Holdings Company declined by 5.66 per cent to close at N4.00, per share.

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Ikeja Hotel lost 5.56 per cent to close at N6.80, while Chams Holding Company depreciated by 5.38 per cent to close at N2.11, per share.

The total volume of trade increased by 24.39 per cent to 791.782 million units, valued at N15.126 billion and exchanged in 9,059 deals. Transactions in the shares of NEM Insurance led the activity with 187.509 million shares worth N1.313 billion. Access Holdings followed with 115.983 million shares valued at N2.203 billion, while Guaranty Trust Holding Company (GTCO) traded 109.921 million shares valued at N5.056 billion.

Abbey Mortgage Bank traded 50.724 million shares worth N121.742 million, while United Bank for Africa (UBA) traded 44.629 million shares worth N934.389 million.