Capital market rebounds with N105b gain

AFTER days of consecutive flat falls, the equities segment of the Nigerian Stock Exchange rebounded with a total gain of about N105 billion in market capitalisation to close the last trading day of August on a positive note.   

The bulls regained their grip on equities the stock exchange following gains recorded by blue chip firms.

The positive development was impacted by gains recorded in medium and large capitalised stocks, amongst which are: BUA Foods, WAPCO, FBN Holdings, Guinness Nigeria Plc and Accesscorp.

As a result of a healthier trading outing, year-to-date return advanced to 16.7 percent while the All Share Index (ASI) improved, according to market data. Market capitalisation gained N105 billion to close at N26.880 trillion in contrast with N26.775 trillion posted on Tuesday, August 30.

The ASI also grew by 193.82 points (0.39 per cent) to close at 49,836.51 index points as against 49,642.69 recorded in the previous trading session. 20 stocks appreciated while 10 declined. Guinness Nigeria Plc. led the gainer’s table with 9.88 per cent to close at N87.90 per share.

Caverton Offshore Support Group followed with a gain of 9.62 per cent to close at N1.14, while Transcorp Nigeria grew by 8.65 per cent to close at N1.13 per share.

The Nigerian Exchange Group advanced by 6.43 per cent to close at N22.35 per share, just as LASACO Insurance gained by 5.10 per cent to close at N1.03 per share.

    On the other hand, Consolidated Hallmark Insurance led the laggard’s table, depreciating by 7.69 per cent to close at N0.60 per share. Unilever Nigeria Plc. followed with a loss of 7.22 per cent to close at N12.20, while Sovereign Trust Insurance declined by 7.14 per cent to close at N0.26.

    Other losers in the day’s trading include UPDC Real Estate Investment Trust (UPDCREDIT), whose share depreciated by 7.04 per cent to close at N3.30 per share, just as Jaiz Bank fell by 4.44 per cent to close at N0.86. 

   Analysis of the day’s market activities showed trade turnover settled higher relative to the previous day’s trading, with the value of transactions up by 5.35 per cent.

     A total of 367.34 million shares valued at N3.24 billion were exchanged in 3,725 deals. Sterling Bank recorded the highest volume with 162.45 million traded shares valued at N238.94 million. 

    Access Holdings followed by trading 27.7 million shares worth N228.03 million, while United Bank for Africa (UBA) sold 26.58 million shares valued at N191.27 million. FBN Holdings transacted 22.4 million shares worth N244.67 million, even as Fidelity Bank sold 20.17 million shares valued at N63.77 million.

    Sectoral performance was broadly positive, as the banking sub-sector was the most active (measured by turnover volume) with 197.50 million shares exchanged by investors in 801 deals. Volume in the sub-sector was largely driven by activities in the shares of Sterling Bank Plc. and Fidelity Bank Plc. The Insurance index closed in the red  at -1.0 per cent. 

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