Domestic equities gain N2.28trn on Aradel, Airtel Africa’s gain

Trading on the floor of Nigerian Exchange (NGX) on Wednesday remained bullish, growing by N2.28 trillion as gains recorded in heavyweight stocks boosted trading activities during the day.

This resulting in market capitalisation of listed equities appreciating by 1.72 per cent to close at N134.772 trillion from N132.492 trillion recorded the previous day.

The NGX All Share Index also increased by 3,486.03 basis points to 209317.41 points from 205831.38 points traded on Tuesday.

Gains recorded during the day were driven by gains in the shares of Aradel Plc, Airtel Africa, ETI and other 35 listed companies.

The market breath was positive with 38 gainers against 36 losers, bringing year to date return to 34.52 per cent.

An analysis of the investment showed that Aradel Plc and Airtel Africa led gainers table with 10 per cent to close at N1406.90 and N2746.70 respectively.

Ecobank Transnational incorporated (ETI) followed with a gain of 9.98 per cent to close at N55.65 per unit, TtansExpress added 9.89 per cent to close at N5.00 per unit, FTGinsurance gained 9.82 per cent to close at N1.23 per share.

On the contrary, AustinLaz topped losers chart, dropping by 9.77 per cent to close at N3.60 per share, JohnHolt trailed with a loss of 9.72 per cent to close at N13.00 per unit, CWG dipped by 9.22 per cent to close at N21.20 per share, Conoil Plc down by 6.80 per cent to close at N190.50 per unit, Omatek declined by 5.48 per cent to close at N2.07 per share.

Volume of trades also up by 137.083 million , representing 24.08 per cent as investors traded 706.392 million shares against 569.309 million shares reported the previous day. Value of transactions went up by 29.86 per cent to settle at N41.876 billion in 46231 deals.

Transactions in the shares of Zenith Bank led market activities with 73.287 million shares valued at N8.778 billion, Tantalizer followed with 56.354 million shares cost N220.349 million, United Bank for Africa exchanged 49.845 million shares valued at N2.286 billion, Access Holdings Company traded 38.144 million shares worth N1.004 billion while NSLTech sold a total of 32.648 million shares valued at N31.715 million.