Equities Market Reverses Bearish Trend With N298bn Gain

The equities market of the Nigerian Exchange Limited (NGX) reverses the bearish trend on Thursday, as market capitalisation appreciated by N298 billion.

At the close of yesterday’s trading activities, the overall market capitalisation value gained N298 billion to close at N28.721 trillion, while the market All-Share Index (ASI) inched higher by 554.15 absolute points, representing an increase of 1.05 per cent to close at 53,275.49 points.

The summary of the market activities shows that the gain was driven by price appreciation in large and medium capitalised stocks among which are; MTN Nigeria Communications (MTNN), Beta Glass, Stanbic IBTC Holdings, Transcorp Hotel and GlaxoSmithKline Consumer Nigeria.

However, market sentiment, as measured by market breadth was negative as 29 stocks lost, relative to 21 gainers. Transcorp Hotel recorded the highest price gain of 9.89 per cent to close at N5.89, per share. Beta Glass followed with a gain of 9.74 per cent to close at N62.55, while McNichols Plc appreciated by 9.60 per cent to close at N1.94, per share.

Veritas Kapital Assurance rose by 9.52 per cent to close at 23 kobo, while Multiverse Mining and Exploration appreciated by 9.09 per cent to close at 24 kobo, per share. On the other hand, Conoil led the losers’ chart by 10 per cent to close at N28.35, per share. Eterna followed with a decline of 9.59 per cent to close at N6.60, while Prestige Assurance depreciated by 9.09 per cent to close at 40 kobo, per share.

Chams Plc declined by 8.33 per cent to close at 22 kobo, while Royal Exchange depreciated by 7.35 per cent to close at N1.26, per share.

Meanwhile, the total volume of trades dipped by 55.14 per cent to 274.557 million units, valued at N8.447 billion, and exchanged in 5,184 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 48.381 million shares valued at N61.433 billion. MTNN. followed with 20.602 million shares worth N5.495 billion, while Conoil traded 14.344 million shares valued at N409.104 million.

Guaranty Trust Holding Company (GTCO) traded 13.536 million shares valued at N328.084 million, while FBN Holdings (FBNH) transacted 13.536 million shares worth N162.456 million.