Equities Market Extends Bullish Run as Investors Gain N329bn

The Nigerian equities market, yesterday, extended its positive performance as gains in Geregu Power Plc and 23 others pushed the overall market capitalisation up by N329 billion.

As a result, the All-Share Index (ASI) gained 601.72 points, representing a gain of 0.58 per cent to close at 104,100.00 points. Also, market capitalisation rose by N329 billion to close at N56.962 trillion.

The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are; Geregu Power, BUA Cement, BUA Foods, Fidelity Bank and Honeywell Flour Mills.

As measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 26 losers. University Press emerged the highest price gainer of 9.96 per cent to close at N2.87, per share. Juli followed with a gain of 9.84 per cent to close at N1.34, while Mutual Benefits Assurance advanced by 9.38 per cent to close at 70 kobo, per share.

DAAR Communications rose by 8.82 per cent to close at 74 kobo, while Honeywell Flour Mills appreciated by 7.50 per cent to close at N4.30, per share. On the other side, Unilever Nigeria led others on the losers’ chart with 9.80 per cent to close at N16.10, per share.

Julius Berger followed with a decline of 9.64 per cent to close at N50.60, while Morison Industries shed 9.60 per cent to close at N2.73, per share.

May & Baker Nigeria lost 6.52 per cent to close at N6.45, while NASCON Allied Industries depreciated by 5.37 per cent to close at N59.05, per share.

The total volume traded declined by 33.35 per cent to 284.489 million units, valued at N6.914 billion, and exchanged in 8,168 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 56.605 million shares worth N2.215 billion. Transnational Corporation (Transcorp) followed with an account of 33.174 million shares valued at N418.312 million, while United Bank for Africa (UBA) traded 18.376 million shares valued at N452.958 million.

Mutual Benefits Assurance traded 16.765 million shares worth N11.475 million, while AXA Mansard Insurance traded 12.513 million shares worth N75.575 million.