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HomeBusinessInvestors on local bourse gain N123 bln as equity market sustains rally

Investors on local bourse gain N123 bln as equity market sustains rally

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By Ifeyinwa Ezeokoli 

The market indices of the nation’s bourse extended the gaining streak on Friday with investors’ net worth improving further by N123 billion.

Specifically, the market capitalisation crossed the N26 trillion mark, appreciating by N123 billion or 0.49 per cent to close at N26.125 trillion against N25.998 trillion posted on Thursday.

Also, the All-Share Index also appreciated by 235.79 basis points to 48,459.65 points from 48,223.86 points traded the previous day. 

Commenting on the persistent price rally, Ambrose Omordion, the Chief Executive Officer, InvestData Ltd., attributed the growth to impressive first-quarter numbers released by some companies.

Omordion said that the undervalued state of the market as revealed by the low price to earnings and improved earnings reports by United Capital, Stanbic IBTC and  Lafarge Africa, among others contributed to the price rally.

He added that the low returns offered by fixed income securities due to rising inflation led to the movement of funds from the money market into the equities market.

A breakdown of the price movement chart shows that Oando led the gainers’ table in percentage terms gaining 9.94 per cent to close at N5.86 per share.

Eterna followed with 9.92 per cent to close at N6.65, while Meyer Paint gained 9.91 per cent to close at N2.33 per share.

READ ALSO:Investors on local bourse gain N123 bln as equity market sustains rally

Wapco added 9.89 per cent to close at N25.55, while Ikeja Hotel added 9.3 per cent to close at N1.41 per share.

On the other hand, Academy Press topped the losers’ chart percentage terms, dropping by 10 per cent to close at N1.17 per share.

RT Briscoe trailed with 8.62 to close at 53k, while Royal Exchange dropped 4.95 per cent to close at 96k per share.

Caverton dipped by 4.07 per cent to close at N1.18, while  Sovereign Trust Insurance was down by 4.00 per cent to 24k per share.

Fidelity Bank was the most active stock exchanging 47.24 million shares valued at N186.99 million.

Sovereign Trust Insurance followed with an account of 44.06 million shares worth N10.54, while Zenith Bank traded 39.89 million shares valued at N990.33 million.

Transcorp sold a total of 24.18 million shares worth N24.53 million, while Access Bank exchanged 21.66 million shares cost N212.29 million.

Overall, investors traded 342.14 million shares valued at N3.86 million shares in 4,976 deals.

This was against 244.69 million shares worth N3.15 billion exchanged in 4,859 deals on Thursday.

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