Equities market gains N177bn to extend rally 

Extending the gains from the prior sessions, the Nigerian equities market on Wednesday gained N177 billion, spurred by investors buying interest in Okomu Oil Plc and 38 others.

Spefically, the market capitalisation rose by N177 billion to close at N70.564 trillion.

Also, the Nigeerian Exchange Limited All-Share Index (NGX ASI) gained by 296.39 basis points or 0.27 per cent to close at 111,902.61 basis points. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Northern Nigeria Flour Mills (NNFM), MTN Nigeria Communications (MTNN), Nigerian Breweries and Honeywell Flour Mills.

Investor sentiment, as measured by market breadth closed positive as 39 stocks advanced, while 28 declined. Learn Africa and University Press recorded the highest price gain of 10 per cent each to close at N4.51 and N5.61 respectively, while NNFM followed with a gain of 9.98 per cent to close at N130.55, per share.

Honeywell Flour Mills went up by 9.95 per cent to close at N21.00, while Omatek Venture appreciated by 9.86 per cent to close at 78 kobo, per share. On the other hand, Academy Press led the losers’ chart by 10 per cent, to close at N4.05, per share. Abbey Mortgage Bank followed with a decline of 9.96 per cent to close at N6.87, while Skyway Aviation Handling Company declined by 9.94 per cent to close at N59.80, per share.

Nigerian Enamelware depreciated by 9.88 per cent to close at N22.80 and Multiverse Mining & Exploration declined by 9.56 per cent to close at N8.05, per share.

The total volume traded advanced by 25.1 per cent to 512.170 million units, valued at N17.116 billion, and exchanged in 16,711 deals. Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 58.905 million shares valued at N117.194 million. Fidelity Bank followed with 48.221 million shares worth N883.584 million, while Custodian Investment traded 37.479 million shares valued at N756.001 million.

Guaranty Trust Holding Company (GTCO) traded 29.513 million shares valued at N2.054 billion, while FCMB Group sold 22.773 million shares worth N226.664 million.

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