Business

Equities open week with N127bn gain

The equities market closed, yesterday, positive to commence the weekly trading activities on the upswing.

 

The market performance indices, NGX ASI, appreciated by 0.5 per cent with market breadth closing positive with 32 gainers against 13 losers.

 

The upswing, according to market watchers, was driven by bargain hunting activities on the back of undervalued stocks following renewed appetite in anticipation of share appreciation and improvement in full year results.

 

The All-Share Index, therefore, grew by 236.49 basis points or 0.5 per cent from 46,631.46 index points last Friday to 46,867.95, while the market capitalisation of equities appreciated by N127 billion to close at N25.266 trillion from N25.139 trillion.

 

On the activity chart, the banking sub-sector dominated in volume terms with 86.76 million shares exchanged in 1,603 deals. The sub-sector was enhanced by activities in shares of Sterling Bank Plc and GT Holdings Plc.

 

The premium sub-sector, boosted by activities in shares of Access Bank Plc and Zenith Bank Plc, followed with 58.57 million units traded in 1,718 deals. In all, investors exchanged a total of 224.64 million shares in 5,946 deals.

 

Further analysis of the day’s trading showed that Nacho Plc led the gainers with 10 per cent to close at N5.50 per share while UACN Plc followed with 9.90 per cent to close at N11.10 per share and Meyer Paints Plc with a gain of 9.73 per cent to close at N1.24 per share.

 

On the flip side, Academy Press Plc led losers with 9.60 per cent to close at N1.60 per share while Mutual Benefits Assurance Plc followed 7.69 per cent to close at 24 kobo. Japaul Gold Plc dropped by 5.88 per cent to close at 32 kobo per share.

 

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