Equities market recovers gain 0.55%

By Philemon Adedeji

Nigerian equities recovered as the benchmark Index rose by 0.55 per cent to settle at 44,050.44 index points. Bullish sentiment in telco heavyweights, MTNN (+0.32 per cent), Buafoods (+0.80 per cent) and Zenith Bank (+8.46 per cent) drove the market’s rebound. Absolutely, the year-to-date (YTD) return rose to 3.12 per cent, with market capitalisation value appreciating N131.92 billion to close at N23.99 trillion.

Yesterday market activities revealed that trade turnover closed higher relative to the previous session, with the value of transactions up by 141.12 per cent.

A total of 159.44 million shares worth at N2.86 billion were exchanged in 3,039 deals. Fidelity Bank led the volume chart with 27.95 million units traded while Airtel Africa led the value chart in deals worth N626.62 million.

The market sentiments as measured by market breadth closed positive as Cornest topped eighteen (18) others on the gainer’s table, while Eterna plc led eighteen (18) others on the laggard’s log.

Cornest Plc emerged as the highest price gainer which gained 10 per cent to close at N0.44 per share followed by MRS oil which appreciated by 9.73 per cent to close at N14.10 per share while Zenith Bank which recorded as the last third gainer grew significantly by 8.46 per cent to close at N21.80 per share

Guaranty Trust Holding Company rose by 6.63 per cent to close at N19.30 per share and Wapco Insurance which recorded as the last fifth gainer went up by 5.97 per cent to close at N21.30 per share.

However, Eterna plc was recorded as the highest price loser at the close of trade yesterday which dipped by 10 per cent to close at N5.67 per share followed by Guinness Nigeria which diminished by 9.98 per cent to close at N67.20 per share while SCOA which recorded as the last third decliner lost 9.49 per cent to close at N1.43 per share.

Sunu Assurance dropped by 9.38 per cent to close at N0.29 per share and Courtville Business Solution went down by 8 per cent to close at N0.46 per share.

Transaction in the shares of Fidelity Bank topped the activities chart with 27.948 million shares valued at N1.140 billion, Guaranty Trust Holding Company which followed transacted 20.823 million shares worth N3.880 billion while Zenith Bank accounted 14.013 million shares valued at N295.276 million.

First Bank Holding of Nigeria traded 8.868 million shares valued at N94.787 million.

Unity Bank sold 7.264 million shares worth N3.661 million.