- Advertisement -spot_img
28.2 C
HomeBusinessNigeria's equities extend rally with N421 capital gains as Seplat, TotalEnergies, MTN...

Nigeria’s equities extend rally with N421 capital gains as Seplat, TotalEnergies, MTN prices up

- Advertisement -spot_img

By Ifeyinwa Ezeokoli 

The Nigerian equities market on Tuesday sustained its upswing as the overall capitalisation rose by N421 billion following a price uptick in Seplat Energy, TotalEnergies, MTN Nigeria and 48 other stocks.

Accordingly, the All-Share Index gained by 772.98 points, representing a growth of 1.30 percent to close at 60,108.86.

Consequently, the month-to-date and year-to-date returns rose to +7.8 percent and 17.3 percent, respectively.

Also, the market capitalisation rose by N421 billion to close at N32.730 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Seplat Energy, TotalEnergies Marketing Nigeria, MTN Nigeria Communications (MTNN), Transcorp Hotel and Conoil.

United Capital Plc stated that “yesterday, the domestic equity market closed on a positive note, with investors leaning more to their risk-on nature in a bid to exploit a recovering and largely profitable market.”

“The suppressed yield environment has continued to serve as added incentive for investors to switch more toward listed corporates, in view of the potentially bright mid-term outlook for the Nigerian economy.”

READ ALSO: UBA launches first Braille Account Opening Form to aid visually impaired person

As measured by market breadth, market sentiment was positive, as 51 stocks gained relative to 13 losers. Afromedia, Courteville Business Solutions, Ikeja Hotel and Omatek Ventures recorded the highest price gain of 10 percent each to close at 22 kobo, 66k, N3.63 and 33k respectively, per share.

Transcorp Hotel followed with a gain of 9.97 percent to close at N21.29, while Ellah Lakes appreciated by 9.88 percent to close at N3.56 per share.

On the other hand, Red Star Express led the losers’ chart by 10 percent to close at N3.15 per share.

C&I Leasing followed with a decline of 9.79 percent to close at N3.50, while Morison Industries declined by 9.22 percent to close at N1.97 per share.

Sovereign Trust Insurance depreciated by 7.41 percent to close at 50K, while May & Baker Nigeria declined by 6.42 percent to close at N5.10 per share.

The total volume of trade increased by 38.18 percent to 763.696 million units valued at N12.53 billion exchanged in 9,463 deals.

Transactions in the shares of Access Holdings topped the activity chart, with 111.67 million shares worth N1.74 billion.

Guaranty Trust Holding Company followed with 78.99 million shares worth N2.69 billion, while United Bank of Africa traded 72.29 million shares valued at N878.22 million.

Sterling Financial Holdings Company traded 65.61 million shares valued at N195.58 million, while Zenith Bank sold 52.44 million shares worth N1.77 billion.

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

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img