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HomeBusinessValue of Nigeria's equity rises by N33 bln as bargain hunters visit...

Value of Nigeria’s equity rises by N33 bln as bargain hunters visit Nestle, 11 others

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By Ifeyinwa Ezeokoli 


Nigerian equity extended the strong bullish run by gaining N33 billion following bargain-hunting on Nestle Nigeria Plc and 11 other listed stocks on the Nigerian Exchange Limited (NGX).

The market cap of equities listed on the NGX increased to N26.377 trillion from N26.344 trillion as of the previous close.

The All-Share Index (ASI) rose by 59.80 points, representing a gain of 0.12 percent to close at 48,426.49. 

Consequently, the month-to-date and year-to-date gains settled at +1.6% and +13.4%, respectively.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Geregu Power, Nigerian Breweries, May & Baker Nigeria and Nigerian Exchange Group.

However, market sentiment, as measured by market breadth was negative as 12 stocks gained, relative to 17 decliners.  

Thomas Wyatt Nigeria drove the gainers’ chart in percentage 10 percent to close at 44k per share. 

Japaul Gold & Ventures followed with a gain 7.41 percent to close at 29k, while Honeywell Flour Mills rose by 6.14 percent to close at N2.42 per share.

READ ALSO: Oil prices drop 2.8% to close at 2022 low, losing the year’s gain

May & Baker Nigeria went up by 5.26 per cent to close at N4, while FCMB Group appreciated by 4.62 per cent to close at N3.40 per share. 

On the other hand, SCOA Nigeria led the losers’ chart in percentage terms by 9.38 per cent to close at 87k per share.

Unity Bank followed with 7.02 per cent to close at 53k, while Cornerstone Insurance depreciated by 6.25 per cent  to close at 45k per share.

Courteville Business Solutions declined by six per cent to close at 47k, while Chams depreciated by 4.35 per cent to close at 22k per share.

Meanwhile, the total volume of trades decreased by 20.82 per cent to 146.206 million units, valued at N3.357 billion, and exchanged in 2,810 deals. 

Transactions in the shares of FBN Holdings topped the activity chart with 59.27 million shares valued at N639.97 million. 

Geregu Power followed with 14.28 million shares worth N1.54 billion, while Zenith Bank traded 12.51 million shares valued at N275.69 million.

Sterling Bank traded 7.03 million shares valued at N9.69 million, while United Bank for Africa (UBA) transacted 6.92 million shares worth N50.46 million.

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