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HomeBusinessNigeria's equity reverses losses, gains N29 bln, boosts by UBA 12.6% H1...

Nigeria’s equity reverses losses, gains N29 bln, boosts by UBA 12.6% H1 PBT growth

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By Ifeyinwa Ezeokoli

The Nigerian equities market edged a positive performance in Thursday’s trading session as the All-Share Index (ASI) rose by 52.52 points, representing a growth of 0.11 per cent to close at 49,652.25 points.

The performance was supported by bargain hunting in Union Bank which ticks up 7.1 per cent, Lafarge Africa which gains 1.9 per cent and United Bank for Africa which ticks up 1.39 per cent after the lender declared N85.7 billion in its half-year financials.

Consequently, the month-to-date loss and year-to-date returns settled at -0.4 per cent and +16.2 per cent, respectively

Accordingly, investors gained N29 billion in value as market capitalisation went up to N26.782 trillion from N26.753 trillion as of the previous close.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Ardova, Lafarge Africa, Union Bank of Nigeria (UBN), eTranzact International and PZ.

On market outlook, analysts at GTI Securities Limited said that “trading activity ended bullish halting the three days of negative sentiment, the consumer goods sector, however, was the only sector that recorded a negative sentiment. We expect cautious trading to continue amongst investors.”

Market breadth closed positive as 20 stocks recorded gains relative to nine losers.

e-Tranzact International recorded the highest price gain of 9.81 per cent to close at N2.91, while Ardova Plc followed with a gain 8.94 per cent to close at N13.40 per share.

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Chams went up by 7.41 per cent to close at 29k, while FTN Cocoa processors and Union Bank appreciated by 7.14 per cent each to close at 30k and N6 respectively per share. 

On the other hand, Vitafoam Nigeria led the losers’ chart by 9.96 per cent to close at N21.25 per share.

Multiverse Mining and Exploration followed with a decline of 9.92 per cent to close at N2.36, while Champion Breweries shed 4.16 per cent to close at N3.69 per share.

Africa Prudential shed 3.51 per cent to close at N5.50, while Honeywell Flour Mill went down by 2.72 per cent to close at N2.50 per share.

Total volume traded increased by 25.55 per cent to 161.88 million shares, worth N1.63 billion, and traded in 3,541 deals.

Transactions in the shares of  Transcorp topped the activity chart with 30.97 million shares valued at N34.45 million.

Fidelity Bank followed with 28.707 million shares worth N101.72 million, while Sterling Bank traded 19.82 million shares valued at N29.12 million.

FCMB Group traded 11.51 million shares valued at N37.95 million, while United Bank for Africa transacted 9.40 million shares worth N67.84 million.

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