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HomeBusinessPositive corporate outings boost Nigeria's equity market with N88 bln gains

Positive corporate outings boost Nigeria’s equity market with N88 bln gains

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Thursday closed positive by N88 billion as investors responded positively to strong corporate results and dividend announcements.

The market capitalisation gained N88 billion to close at N30.327 trillion.

Thus, the All-Share Index (ASI) rose by 161.63 points, representing a gain of 0.29 percent, to close at 55,670.24.

Accordingly, the month-to-date and year-to-date returns settled at -0.2 percent and +8.6 percent, respectively.

The upturn was impacted by gains recorded in medium and large-cap stocks, amongst which are Geregu Power, Airtel Africa, Dangote Sugar Refinery, NASCON Allied Industries, and PZ Cussons.

As measured by market breadth, market sentiment was negative, with 25 laggards against 17 gainers.

SUNU Assurances dominated the gainers’ chart in percentage terms by 10 percent to close at $44 per share.

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Dangote Sugar Refinery followed with 9.94 percent to close at N19.35, while McNichols was up by 9.72 percent to close at 79.01 per share.

Geregu Power rose by 9.02 percent to close at N325 while NASCON Allied Industries appreciated by 8.93 percent to close at N12.20 per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart in percentage terms by 10 percent to close at 27k per share.

Academy Press followed with 9.38 percent to close at N1.16, while Transcorp shed 7.97 percent to close at N1.27 per share.

Chams Holding Company lost 7.14 percent to close at 26k, while Nigerian Exchange Group shed 6.55 percent to close at N27.10 per share.

The total volume traded declined by 63.6 percent to 206.11 million units valued at N3.26 billion exchanged in 4,385 deals.

Transactions in the shares of Transcorp topped the activity chart with 29.75 million shares valued at N39.15 billion.

Access Holdings followed with 18.65 million shares worth N172.32 million, while UACN traded 14.02 million shares valued at N118.345 million.

Guaranty Trust Holding Company traded 13.06 million shares valued at N348.63 million, while Zenith Bank transacted 9.28 million shares worth N244.61 million.

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