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Nigeria’s stock market inches up by N6 bln as gains in Dangote Sugar others lift mkt

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By Ifeyinwa Ezeokoli 

Trading in the Nigerian equities market on Thursday was moderately positive, as the capitalisation inched higher by N6 billion amid bargain hunting.

Accordingly, investors gained N6 billion in value as market capitalisation closed higher at N28.664 trillion.

Consequently, the year-to-date return settled at 2.7 percent.

Also, the All-Share Index rose by 10.91 points, representing a gain of 0.02 percent to close at 52,626.42 points.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nigerian Exchange Group, Nigerian Aviation Handling Company, Dangote Sugar Refinery, PZ Cussons and Lafarge Africa.

On market outlook, analysts at GTI Securities Limited said “we expect positive sentiments to continue as investors take position for the year.”

As measured by market breadth, market sentiment was positive with 25 stocks gainers 16 losers.

International Energy Insurance drove the gainers’ chart in percentage terms with 9.76 percent to close at 45k per share.

Computer Warehouse Group followed with 9.47 percent to close at N1.04, while Caverton Offshore Support Group went up by 9.38 percent to close at N1.05 per share.

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John Holt went up by 9.09 percent to close at 96k, while Linkage Assurance appreciated by 8.33 percent to close at 52k per share.

On the other hand, C&I Leasing led the losers’ chart by 10 percent to close at N3.15 per share.

Chams and Sovereign Trust Insurance trailed with 7.14 percent each to close at 26k per share each.

UPDC Real Estate Investment Trust lost 6.06 percent to close at N3.10, while Royal Exchange shed 5.56 percent to close at 85k per share.

The total volume traded decreased by 40.8 percent to 129.04 million units, valued at N1.82 billion exchanged in 3,183 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 18.55 million shares valued at N455.74 million.

Guaranty Trust Holding Company followed with 18.52 million shares worth N451.13 million, while United Bank for Africa traded 9.73 million shares valued at N78.62 million.

Royal Exchange traded 9.39 million shares worth N7.79 million, while Access Holdings transacted 7.68 million shares worth N69.49 million.

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