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HomeBusinessInvestors gain N45 bln as Nigeria's equity market rebounds

Investors gain N45 bln as Nigeria’s equity market rebounds

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By Ifeyinwa Ezeokoli

The Nigerian stock market recovered on Thursday as investors recorded capital gains of N45 billion on bullish sentiment in Ardova Plc and 31 stocks.

Unlike in the past two trading sessions, the domestic stock market recorded a positive performance as buying interest in GTCO (+4.1 percent) spurred a 0.2 percent gain in the benchmark index.

Thus, the All-Share Index (ASI) gained 82.98 points, representing a gain of 0.16 percent, to close at 52,290.75.

Consequently, the month-to-date loss moderated to -0.2 percent, while the year-to-date gain increased to +2.0 percent.

Also, market capitalization rose by N45 billion to close at N28.472 trillion.

The upturn was driven by price depreciation in large and medium-capitalized stocks, amongst which are Ardova Plc (AP), Guaranty Trust Holding Company, UACN, MTN Nigeria Communications (MTNN), and NEM Insurance.

Analysts at Afrinvest Limited said that “We expect the bourse to close the final trading session on a positive note as investors cherry-pick stocks with sound fundamentals.”

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As measured by market breadth, market sentiment was positive, with 33 gainers compared to 18 losers.

Mutual Benefit led the gainers’ chart in percentage terms by 10 percent to close at 33 cents per share.

NEM Insurance followed with 9.64 percent to close at NN4.55, while CWG Plc advanced by 9.09 percent to close at N1.20 per share.

Ardova increased by 8.47 percent to close at N19.85, while Prestige Assurance added 8.33 percent to close at 39k.

On the other hand, Linkage Assurance led the laggards’ chart in percentage terms with 9.43 percent to close at 48k per share.

McNichols Plc followed with 8.86 percent to close at Y2K, while Red Star Express shed 8.73 percent to close at N2.30 per share.

University Press lost 8.29 percent to close at N1.66, while Champion Breweries depreciated by 7.62 percent to close at N4 per share.

The total volume of trades increased by 89.55 percent, with an exchange of 1.27 billion units valued at N7.01 billion exchanged in 5,963 deals.

Transactions in the shares of Transcorp led the activity, with 811.21 million shares worth N1.99 billion.

Access Holdings followed with an account of 219.37 million shares worth N2.35 billion, while Chams Holdings traded 30.99 million shares valued at N10.13 million.

Zenith Bank traded 24.32 million shares worth N597.33 million, while Fidelity Bank traded 24.32 million shares worth N137.66 million.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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