Equities market gains N346bn

The domestic equities market on Wednesday took positive direction, gaining N346 billion as gains in heavyweight companies boosted market activities.

Market capitalization of listed equities increased by 0.35 per cent to N89.865 trillion from N89.555 trillion reported the previous day, bringing year to date return to 38 per cent.

The NGX All Share Index also appreciated by 490.04 basis points to 142034.87 points from 141544.83 points reported on Tuesday.

The market breath was mixed. Although 31 companies closed in negative trajectory against 26 advancers, gains recorded in the stocks of Dangote Cement, FirstHoldco, Fidelity Bank, Guinness Nigeria Plc, Aradel, Chellarm among other impacted positively on the market.

Volume of trades went up by 589.020 million, representing 141.94 per cent as investors traded to 1.004 billion units against 414.980 million, value of transactions also surged by 90.47 per cent to settle at N24.655 billion in 23281 deals.

A review of the trading during the day showed that Chellarm led gainers table with 9.77 per cent to close at N14.60 per unit, AustinLaz followed with a gain of 9.67 per cent to close at N2.95 per unit, TIP added 8.08 per cent to close at N12.97 per share, Sovereign Trust Insurance added 7.37 per cent to close at N3.06 per unit, Arabel Plc gained 8.97 per cent to close at N583.00 per share.

On the contrary, Guinea Insurance topped losers’ chart, dropping by 9.70 per cent to close at N1.49 per unit, Cornerstone Insurance trailed with a loss of 8.68 per cent to close at N6.52 per share, Legend Internet down by 7.27 per cent to close at N5.10 per share, Deap Capital dipped by 7.06 per cent to close at N1.58 per share, Thomas Way fell by 6.49 per cent to close at N2.45 per unit.

Transactions in the shares of Abbey Building Society led market activities with 401.065 million shares valued at N2.727 billion, Fidelity Bank followed with account of 254.810 million shares worth N5.274 million, United Bank for Africa traded 23.221 million shares worth N1.094 billion, FirstHoldco exchanged 22.529 million shares cost N699.629 million, Access Holdings company traded 17.476 million shares valued at N473.991 million.