Again, equity market gains N249bn

Omeiza Bilal

The domestic equity market on Wednesday sustained growth profile, appreciating by N249 billion as gains recorded in the shares of Dangote Sugar, Oando Plc, FCMB, Nascon outweigh losses in the shares of Jaiz Bank, International General Insurance, Fidson, Tantalizer among others

Market capitalisation of listed equities increased by 0.44 per cent to N55.899 trillion from N55.653 trillion reported on Tuesday.

The NGX All Share Index also appreciated by 435.50 basis points to 98.818.04 points from 98383.04 points traded the previous day.

As a result, year to date return went up to 32.16 per cent as NGX printed 31 gainers against 15 losers.

An analysis of the trading activities showed that Abbey Building Society led gainers table, appreciating by 9.76 per cent to close at N2.70 per unit, Nascon followed with a gain of 9.66 per cent to close at N40.85 per share, FCMB added 9.63 per cent to close at N7.40 per unit, International Breweries up by 9.59 per cent to close at N4.00, Dangote Sugar added 9.56 per cent to close at N47.00 per unit.

Conversely, International General Insurance topped losers’ chart, dropping by 9.68 per cent to close at N1.40 per unit, Jaiz Bank trailed with a loss of 6.52 per cent to close at N2.15 per unit, Tantalizer down by 6.00 per cent to close at N0.47 per unit, NPF Micro Finance Banks down by 5.88 per cent to close at N1.60 per share, Fidson Health care fell by 5.40 per cent to close at N14.90 per share.

Volume of trades declined by 40.66 million, representing 6.78 per cent as investors traded 518.948 million shares valued at N4.767 billion in 7781 deals against 559.608 million shares cost N6.584 billion in 7990 deals.

Transactions in the shares of Abbey Building Society led market activities with 230.345 million shares valued at N621.911 million in 29 deals, AccessCorp followed with account of 80.992 million shares worth N1.391 billion in 861 deals, United Bank for Africa traded 23.901 million shares worth N541.686 million in 742 deals, FCMB group exchanged 18.656 million shares cost N133.163 in 178 deal while Fidelity Bank traded 16.379 million shares valued at N154.844 million in 224 deal.