Equities Sustain Uptrend As Investors Gain N532bn

The Nigerian equities market yesterday sustained uptrend as investors investments rose by N532 billion, following buying interest in 18 stocks.

The All Share Index (ASI) rose by 986.63 points, representing a growth of 2.03 per cent to close at 49,661.87 points. Accordingly, investors gained N532 billion in value as market capitalisation went up to N26.786 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Nestle Nigeria, BUA Foods, Nigerian Exchange Group (NGXGroup) and Learn Africa.

On market outlook, analysts at GTI Securities Limited said: “the bullish outcome of the stock market was driven by investors’ bargain hunting in some bell-whether stocks. There are mixed expectations as investors continue to make investment decisions, as more companies release their Q2 results.”

Market breadth closed positive as 18 stocks recorded gains relative to 11 losers. Computer Warehouse Group (CWG) recorded the highest price gain of 10 per cent, to close at 99 kobo, while Learn Africa followed with a gain 9.78 per cent to close at N2.47, per share.

Multiverse Mining and Exploration and Caverton Offshore Support Group  went up by 9.52 per cent each to close at N2.30 and N1.15 respectively, while Chams appreciated by 8.00 per cent  to close at 27 kobo,  per share.

On the other hand, Mutual Benefits Assurance led the losers’ chart by 9.68 per cent to close at 28 kobo, per share. Honeywell Flour Mills  followed with a decline of 8.42 per cent to close at N2.72,  while Flour Mills of Nigeria shed 7.06 per cent to close at N27.00, per share.

Unity Bank shed 4.76 per cent to close at 40 kobo, while FCMB Group went down by 3.51 per cent to close at N3.02, per share.

Total volume traded increased by 32.15 per cent to 226.473 million shares, worth N2.764 billion, and traded in 3,515 deals. Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 74.544 million shares valued at N22.838 million.

FBN Holdings followed with 23.429 million shares worth N251.880 million, while Access Holdings  traded 15.845 million shares valued at N130.192 million.

United Bank for Africa (UBA) traded 15.253 million shares valued at N107.071 million, while NEM Insurance transacted 13.485 million shares worth N62.124 million.