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HomeBusinessRobust corporate earnings drive Nigeria's equity market gain by N273 bln

Robust corporate earnings drive Nigeria’s equity market gain by N273 bln

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By Ifeyinwa Ezeokoli 

The Nigerian stock market on Monday started the week positively, with a gain of N273 billion due to strong corporate earnings and increased interest in Airtel Africa and 27 others.

Accordingly, investors gained N273 billion in value as market capitalisation went up to close at N28.954 trillion.

Also, the All-Share Index advanced by 499.95 points to close at 53,157.83.

Accordingly, the year-to-date return increased to +3.7 percent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, Geregu Power, Nigerian Aviation Handling Company (NAHCO), Cadbury Nigeria and Guaranty Trust Holding Company (GTCO).

On market outlook, United Capital Plc said “So far, the market has defied expectations by maintaining strength despite signs of overstretching.

“Over the medium term, we retain our positive outlook for Nigerian equities, supported by depressed yields in the money market space.

However, we express caution that in the coming days, significant profit-taking activities could see the market witness a pullback.”

Also, market breadth closed positive as 28 stocks posted gains while 15 declined.

John Holt and Geregu Power recorded the highest price gain of 10 percent each to close at N1.21 and N176 respectively, while NAHCO followed with a gain 9.62 percent to close at N8.55 per share.

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International Energy Insurance went up by 9.52 percent to close at 69 kobo, while May & Baker Nigeria appreciated by 8.26 percent to close at N4.85, per share.

On the other hand, Wapic Insurance led the losers’ chart by 8.89 percent to close at 41k per share.

Tripple Gee & Company followed with a decline of 8.57 percent to close at 96k, while Royal Exchange went down by 7.14 to close at 78k per share.

Honeywell Flour Mills lost 6.44 percent to close at N2.18, while UACN Property Development Company shed 5.94 percent to close at 95 kobo, per share.

The total volume traded increased by 17.68 per cent to 201.36 million shares, worth N5.666 billion traded in 4,332 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 36.76 million shares valued at N924.14 million.

GTCO followed with 23.35 million shares worth N578.78 million, while  Transcorp traded 17.12 million shares valued at N20.55 million.

United Bank for Africa (UBA) traded 11.45 million shares valued at N93.99 million, while Geregu Power transacted 11.12 million shares worth N1.79 billion.

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