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Equities market appreciates by N864bn to close at N88.06trn

CEO of NGX Jude Chiemeka

The Nigerian equities market on Wednesday witnessed a surge of N864 billion gain, driven by impressive earnings reports from major companies.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained by 1,365.80 points or 0.99 per cent to close at 139,278.67 points. Also, market capitalisation gained N864 billion to close at N88.06 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Lafarge Africa, NASCON Allied Industries, UACN and Dangote Sugar Refinery.

Investor sentiment remained upbeat, as reflected in the positive market breadth as 39 stocks advanced while 32 declined. Multiverse Mining & Exploration and Royal Exchange recorded the highest price gain of 10 per cent each to close at N9.90 and N1.54 respectively, per share.

NPF Microfinance Bank, Berger Paints Nigeria and Dangote Sugar Refinery up by 9.97 per cent each to close at N3.42, N37.50 and N71.15 respectively, while UACN gained 9.94 per cent to close N73.00, per share.

On the other hand, Abbey Mortgage Bank and FTN Cocoa Processors led the losers’ chart by 10 per cent each to close at N6.48 and N6.30 respectively, while LivingTrust Mortgage Bank followed with a decline of 9.97 per cent to close at N6.59, per share.

SUNU Assurance depreciated by 9.61 per cent to close at N4.14, while Consolidated Hallmark Holdings declined by 7.78 per cent to close at N3.20, per share.

Also, the total volume traded rose by 15.89 per cent to 922.031 million units, valued at N35.397 billion, and exchanged in 36,423 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 90.397 million shares valued at N1.899 billion. Access Holdings followed with 43.051 million shares worth N1.190 billion, while UACN traded 32.985 million shares valued at N2.078 billion.

Universal Insurance traded 32.294 million shares valued at N26.048 million, while FCMB Group sold 31.806 million shares worth N328.405 million.