Equities market gains N426bn as investors’ confidence strengthen
BY MOTOLANI OSENI
The local stock market yesterday returned back to its upward momentum with a gain of N426 billion on strong investors’ sentiment.
The All-Share Index (ASI) gained by 683.65 points, representing a growth of 0.65 per cent to close at 106,574.98 points. Also, market capitalisation rose by N426 billion to close at N66.495 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Beta Glass, MRS Oil Nigeria, Transnational Corporation (Transcorp) and VFD Group.
On market performance, Afrinvest Limited said, ‘the local bourse is expected to sustain its upward momentum, fueled by strong corporate earnings.’
Investor sentiment, as measured by market breadth closed positive as 40 stocks advanced, while 25 declined. Ellah Lakes recorded the highest price gain of 10 per cent to close at N3.63, per share. Honeywell Flour Mills followed with a gain of 9.93 per cent to close at N11.51, while Eterna up by 9.93 per cent to close at N44.30, per share.
Academy Press rose by 9.70 per cent to close at N3.28, while Ikeja Hotel up by 9.31 per cent to close at N13.50, per share.
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On the other hand, International Energy Insurance led the losers’ chart by 9.78 per cent to close at N2.03, per share. Eunisell Interlinked followed with a decline of 9.74 per cent to close at N12.05, while Sovereign Trust Insurance declined by 9.02 per cent to close at N1.21, per share.
Guinea Insurance depreciated by 5.88 per cent to close at 80 kobo, while Neimeth International Pharmaceuticals declined by 5.03 per cent to close at N3.21, per share.
Meanwhile, the total volume traded declined by 15.6 per cent to 478.607 million units, valued at N11.762 billion, and exchanged in 15,561 deals. Transactions in the shares of Secure Electronic Technology topped the activity chart with 84.073 million shares valued at N55.194 million. Fidelity Bank followed with 67.831 million shares worth N1.361 billion, while Access Holdings traded 40.206 million shares valued at N1.140 billion.
UPDC traded 36.649 million shares valued at N103.787 million, while AIICO Insurance sold 27.233 million shares worth N47.453 million.
