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Tuesday, May 17, 2022

Nigeria’s equity market opens March with N47 bln growth

By Ifeyinwa Ezeokoli

The Nigerian equities market opened the month of March on a positive note with shares listed on the local bourse appreciated by N47 billion as some investors lapped up the share in local energy firm Seplat Energy and 14 other companies.

The market main index, All-Share Index (ASI) grew by 88.20 points or 0.19 per cent to close at 47,482.73 compared with 47,394.53 the previous trading day. 

The market cap of equities listed on the NGX increased to N25.591 trillion from N25.543 trillion as on the previous close.

The total volume traded closed with an exchange of 370.543 million units valued at N7.85 billion traded in 6,045 deals. However, the market breadth was negative with 15 gainers as against 34 losers.

The NGX 30 Index increased by 0.11 percent to close at 1,822.15 points as against 1,820.16 points on the previous close. Market turnover closed with traded volume of 195.85 million units. Seplat and FCMB were the key gainers, while Ecobank and Lafarge Africa were the key losers.

Consequently, the month-to-date return printed 0.2 percent, while the year-to-date return increased to 11.2 percent.

Also, the market capitalisation rose by N47 billion to close at N25.590 trillion from from N25.543 trillion reported on Monday.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Energy, MTN Nigeria Communications (MTNN), Nigerian Exchange Group (NGXGroup), Unilever and Royal Exchange.

On market performance, GTI Securities Limited said “The stock market extends positive sentiments, fuelled by the surging oil prices, boosting the country’s attractiveness to investments. We expect this trend to be maintained all through the week.”

Seplat Energy led the gainers’ chart in percentage terms by  9.99 per cent to close at N945.90 per share. 

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Royal Exchange followed with 9.49 per cent to close at N1.50, while Courteville Business Solutions up by 9.09 per cent to close at 60k per share.

Veritas Kapital Assurance rose by 4.55 per cent to close at 23k, while FCMB Groups appreciated by 3.23 per cent to close at N3.20 per share. 

On the other hand, Cutix led the losers’ chart in percentage terms by 10 per cent to close at N2.43 per share. 

Learn Africa followed with a decline of 9.96 per cent to close at N2.35, while Global Spectrum Energy Services declined by 9.79 per cent to close at N3.78 per share. 

Caverton Offshore Support Group shed 9.68 per cent to close at N1.40, while R.T. Briscoe Nigeria depreciated by 9.41 per cent to close at 77k per share.

In all, the total volume of shares traded increased by 23.2 per cent to 370.54 million units valued at N7.85 billion exchanged in 6,045 deals. 

This was against a total of 300.76 million shares worth N2.771 billio traded n in 5,434 deals on Monday.

Transactions in the shares of FCMB Group topped the activity chart with 57.58 million shares valued at N183.87 million. 

Transcorp followed with 45.18 million shares worth N52.24 million, while Zenith Bank traded 23.09 million shares valued at N624.75 million.

MTNN traded 22.25 million shares valued at N4.56 billion, while Niger Insurance transacted 19.69 million shares worth N6.11 million.

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