Despite Selloffs, Equities Sustains Bullish Run, Gains N26bn 

Despite the huge selloffs witnessed yesterday, the equities market of the Nigerian Exchange Limited (NGX) sustained its bullish run, as the stock market rose by N26 billion.

The Nigerian stock market maintained its bullish run, due to buy interest in FBN Holdings Plc, Fidelity Bank Plc and Guaranty Trust Holding Company (GTCO) Plc.

The All-Share Index (ASI) gained 46.18 points, representing a gain of 0.07 per cent to close at 70,819.49 points. Also, market capitalisation rose by N26 billion to close at N38.911 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; UAC of Nigeria (UACN), FBN Holdings (FBNH), Fidelity Bank, GlaxoSmithKline Consumer Nigeria and Me Cure Industries.

As measured by market breadth, market sentiment was slightly negative as 26 stocks gained relative to 27 decliners. UPDC emerged the highest price gainer of 9.91 per cent to close at N1.22, per share.  Me Cure Industries followed with a gain of 9.85 per cent to close at N3.57, while SCOA Nigeria advanced by 9.73 per cent to close at N1.24, per share.

Japaul Gold & Ventures rose by 9.58 per cent to close at N1.83, while UACN appreciated by 8.47 per cent to close at N16.00, per share.

On the other side, VFD Group led others on the losers’ chart with 10 per cent each to close at N184.50, per share.  Multiverse Mining and Exploration followed with a decline of 9.38 per cent to close at N2.90, while The Initiates Plc (TIP) down by 9.35 per cent to close at 97 kobo, per share.

Regency Alliance Insurance lost 8.57 per cent to close at 32 kobo, while DAAR Communications depreciated by 8.33 per cent to close at 22 kobo, per share.

The total volume of trade increased by 1.9 per cent to 569.19 million units, valued at N16.79 billion and exchanged in 6,169 deals. Transactions in the shares of Japaul Gold & Ventures led the activity with 113.964 million shares worth N208.555 million.

Stanbic IBTC Holdings followed with account of 96.918 million shares valued at N6.778 billion, while United Bank for Africa (UBA) traded 75.218 million shares valued at N1.548 billion.

FBNH traded 42.645 million shares worth N849.769 million, while Fidelity Bank traded 34.7 million shares worth N319.058 million.