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HomeBusinessNigeria's equity market closes Q1 at 10% year-to-date gain

Nigeria’s equity market closes Q1 at 10% year-to-date gain

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By Ifeyinwa Ezeokoli

The Nigerian equity market extended its gain for the second consecutive day on Thursday with the main index up by 0.13 per cent while market capitalisation climbed by N33 billion at the close of the market.

The market capitalisation of equities listed on the NGX increased to N25.312 trillion from N25.279 trillion as of the previous close.

The total volume traded closed with an exchange of 256.021 million units valued at N3.66 billion traded in 4,227 deals.

However, the market breadth was negative with 14 gainers as against 30 losers.

The NGX 30 Index increased by 0.11 per cent to close at 1,791.07 points as against 1,789.08 points at the previous trading day.

Market turnover closed with a traded volume of 162.03 million units. FBNH and Okomu Oil were the key gainers, while Nigerian Breweries and Custodian were the key losers.

Consequently, the month-to-date and year-to-date returns settled at -0.9 per cent and +10.00 per cent, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), FBN Holdings (FBNH), Airtel Africa and AXA Mansard Insurance.

On the outlook for the market, GTI Securities Limited said “The market recovery continues yesterday, as gains from bellwether stocks such as MTNN, Okomu Oil and others sustained the market’s upward trajectory.

“We expect to see a mixed reaction in the market as companies roll out their audited financial statements for the year ended 2021. Investors will be on the lookout for stocks with good fundamentals.” 

However, market sentiment, as measured by market breadth closed negative with 30 losers’ declining to 14 gainers.

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Meyer Plc recorded the highest price gain of 10 per cent to close at 66k per share. 

AXA Mansard Insurance followed with a gain 9.72 per cent to close at N2.37, while FBNH gained 6.90 per cent to close at N12.40, per share.

Courteville Business Solutions rose by 5.66 per cent to close at 56k, while Okomu Oil appreciated by 4.32 per cent to close at N149.70 per share. 

On the other hand, Northern Nigeria Flour Mills (NNFM) led the losers’ chart in percentage terms by 10 per cent to close at N9 per share. 

Neimeth International Pharmaceuticals followed 9.55 per cent to close at N1.42, while Berger Paints depreciated by 9.33 per cent to close at N6.80 per share.

R.T. Briscoe Nigeria declined by 9.23 per cent to close at 59k, while Nigerian Breweries depreciated by 9.10 per cent to close at N40.45 per share.

Transactions in the shares of Fidelity Bank topped the activity chart with 77.35 million shares valued at N242.27 million. 

UACN followed with 16.96 million shares worth N198.69 million, while Chams traded 15.45 million shares valued at N3.22 million.

Zenith Bank traded 15.25 million shares valued at N343.36 million, while Access Holdings transacted 15.23 million shares worth N149.85 million.

In all, the total volume of trades increased by 27.3 per cent to 256.02 million units valued at N3.66 billion achieved in 4.227 deals.  

This was against 201.28 million shares worth N2.62 billion exchanged in 4,017 deals on Wednesday.

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