Site icon Nigerian NewsDirect

Equities market reverses 3-day loss, gains N78bn

By Kayode Tokede

The equities market of the Nigerian Exchange Limited (NGX) on Thursday closed on a positive note, halting the three consecutive trading losses. as investors’ wealth up by N78 billion.

The All-Share Index (ASI) increased by 149.89 basis points, representing a growth of 0.40% to close at 37,954.35 basis points. Similarly, the overall market capitalisation value gained N78 billion to close at N19.781 trillion.

Sector performances were positive with the Industrial (+0.88%), Banking (+0.61%), Oil and Gas (+0.33%) and Consumer Goods (+0.20%) sectors all closing up.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; BUA Cement, Nigerian Breweries, Guaranty Trust Bank Holdings Company, Eterna and Zenith Bank.

Capital market analysts said that the bullish sentiment was due to investors’ bargain-hunting for recently depreciated stocks in all the major sectors except the Insurance sector.

As measured by market breadth, market sentiment closed positive, as 20 stocks gained, relative to 14 decliners.

Mutual Benefits Assurance and Portland Paints & Products Nigeria recorded the highest price gain of 10% each to close at 44 kobo and N2.64, respectively, while Learn Africa followed with a gain 3.96% to close at N1.05, per share.

Eterna rose by 3.92% to close at N7.95, while Oando appreciated by 3.45% to close at N3.00, per share.

On the other hand, Juli Pharmacy led the losers’ chart by 9.56% to close at N1.23, per share.

AIICO Insurance followed with a decline of 7.41% to close at N1.00, while Chams depreciated by 4.76% to close at 20 kobo, per share.

Champion Breweries shed 2.44% to close at N2.00,  while Honeywell Flour Mill depreciated by 2.08% to close at N1.41, per share.

However, the total volume of trades declined by 19.65% to 167.407 million units, valued at N1.830 billion, and exchanged in 3,256 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 13.895 million shares valued at N330.124 million.

Sovereign Trust Insurance followed with 12.745 million shares worth N3.431 million, while United Bank for Africa (UBA) traded 11.755 million shares valued at N84.650 million.

Mutual Benefits Assurance traded 10.955 million shares valued at N4.763 million, while FBN Holdings (FBNH) transacted 8.846 million shares worth N63.359 million.

According to analysts at InvestmentOne Research, “The equities market closed up today due to the gains recorded in most sectors. Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”

Exit mobile version