Equities market indices increase by N142bn in one day

Motolani Oseni

Again, the equities market of the Nigerian Stock Exchange (NSE) on Thursday reacted positively to the outcome of the election tribunal ruling for the second consecutive day, as market capitalisation rose by N142 billion to close at N13.351 trillion against N13.209 trillion closed the previous day.

Similarly, the All Share Index rose by 273.11 points or 1.01 per cent to close at 27,426.64 compared with 27,153.53 achieved on Wednesday.

President Muhammadu Buhari’s victory in the 2019 presidential election was upheld by the tribunal after it dismissed the petition filed by Atiku Abubakar of the PDP on Wednesday.

The market trend was impacted by gains recorded in medium and large capitalised stocks, among which are; Nestle Nigeria, Forte Oil, Dangote Sugar Refinery, Guaranty Trust Bank and Lafarge Africa.

Analysts at Afrinvest Ltd said that “In yesterday’s trading session, increased buying interest across board spurred the market in a positive direction.

“However, we expect profit-taking activities to drag market performance at the close of the week.”

Market breadth closed positive as 22 stocks recorded gains, relative to seven losers. AIICO Insurance recorded the highest price gain of 9.84 per cent, to close at 67k per share.

Forte Oil followed with a gain 9.64 per cent to close at N15.35, while UACN Property Development Company appreciated by 9.60 per cent to close at N1.37 per share.

Dangote Sugar Refinery went up by 9.41 per cent to close at N9.30, while Chams appreciated by 8.33 per cent to close at 26k per share.

Conversely, Jaiz Bank led the losers’ chart by five per cent, to close at 38k per cent. NPF Micro Finance Bank followed with a decline of 4.31 per cent to close at N1.11, while Unity Bank lost 4.29 per cent to close at 67k, per share.

Lasaco Assurance lost 3.45 per cent to close at 28k, while NASCON shed 2.31 per cent to close at N12.70, per share.

Transactions in the shares of Access Bank topped the activity chart with 17.01million shares valued at N119.26 million.

Transcorp came second with a turnover of 14.68 million shares worth N15.04 million, while Union Bank of Nigeria sold 10.06 million shares valued at N70.39 million.

FBN Holdings traded 9.96 million shares worth N50.44 million, while Guaranty Trust Bank transacted 7.29 million shares valued at N198.76 million.

In all, the total volume traded dropped by 45.39 per cent as investors bought and sold 115.52 million shares worth N854.29 million traded in 2,816 deals.

This was against 211.52million shares valued at N1.45 billion transacted in 4,365 deals on Wednesday.