Equities Close Bullish as Investors ’ Wealth up by N262bn

Samuel Mobolaji

Nigerian equities market on Thursday took a bullish stance as buy-side actions in Airtel Africa Plc and 23 others increased market value by N262 billion.

The All-Share Index (ASI) gained 470.89 points, representing a gain of 0.47 per cent to close at 100,503.21 points. Also, market capitalisation rose by N262 billion to close at N 56.908 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, United Capital, Oando, Custodian Investment and Flour Mills of Nigeria.

However, market breadth closed negative, as 24 stocks gained relative to 29 losers. United Capital emerged as the highest price gainer of 9.92 per cent to close at N39.90, per share. Oando followed with a gain of 9.76 per cent to close at N18.55, while Africa Prudential advanced by 9.55 per cent to close at N9.75, per share.

Learn Africa rose by 9.38 per cent to close at N3.85, while R.T. Briscoe Nigeria and Associated Bus Company appreciated by 9.09 per cent each to close at 72 kobo and 84 kobo, respectively.

On the other side, Linkage Assurance and Veritas Kapital Assurance led others on the losers’ chart with 10.00 per cent each to close at 90 kobo and N1.08 respectively, while Vitafoam Nigeria followed with a decline of 9.67 per cent to close at N19.15, per share.

Zenith Bank lost 7.00 per cent to close at N37.20, while Livestock Feeds depreciated by 6.84 per cent to close at N2.18, per share.

The total volume of trades decreased by 64.27 per cent to 392.795 million units, valued at N8.333 billion, and exchanged in 9,013 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 39.748 million shares worth N1.803 billion.

Veritas Kapital Assurance followed with an account of 36.059 million shares valued at N39.791 million, while FCMB Group traded 31.603 million shares valued at N242.254 million.

United Bank for Africa (UBA) traded 29.384 million shares worth N689.790 million, while Cutix traded 28.642 million shares worth N190.504 million.