Bulls return as equities market gains N279bn amid heavy sell-offs
The domestic equities market on Thursday returned to green zone, appreciating by N279 billion as gains recorded in medium and large- cap stocks boosted activities during the day.
Market capitalization of listed equities appreciated 0.31 per cent to N89.342 trillion from N89.063 trillion reported the previous day.
The NGX All Share Index also appreciated by 432.94 basis points to 141149.04 points from 140716.10 points traded on Wednesday.
Volume of trades up by 5.032 billion, representing 1137 per cent as investors traded 5.475 billion shares against 442 557 million units traded the previous day volume of transactions increased by 2573.36 per cent to settle at N419.730 billion.
The positive performance witnessed during the day was driven by gains in the shares of Access Holding Company, Dangote Sugar, GTCO Plc, MTN Nigeria, Oando, United Bank for Africa, Mecure among others.
The market breath was positive with 33 gainers against 22 decliners, bringing year to date return to 37.41 per cent
A review of trading during the day showed that Mecure led gainers table with 9.89 per cent to close at N26.10 per unit, Oando followed with a gain of 9.50 per cent to.close at N49.00 per unit, Mcnichols added 9.31 per cent to close at N3.64 per share, Chams Plc gained 9.24 per cent to close at N3.43 per unit, Legend Internet gained 9.18 per cent to close at N5.35 per unit.
On the contrary, Eterna Plc topped losers’ chart, dropping by 10 per cent to close at N27.90 per unit, Sovereign Trust Insurance trailed with a loss of 4.84 per cent to close at N2.95 per share, TIP down by 3.84 per cent to close at N12.02 per share, Caverton Business Solutions declined by 3.76 per cent to close at N6.40 per unit, Fidson Healthcare dropped by 3.72 per cent to close at N41.40 per share.
The market witnessed heavy sell off and share movement especially in the banking stocks and oil and gas sector.
Unity Bank Plc led market activities with 4.001 billion shares valued at N12.724 billion, Aradel Plc followed with account of 693.251 million shares worth N388.204 billion, Conhall Plc traded 333.206 million shares valued at N1.255 billion, Sterling Bank exchanged 104.906 million shares valued at N771.830 million, Zenith Bank traded 45.527 million shares cost N3.143 billion.
