Equity market appreciates 1.08%

The Nigerian Exchange (NGX) closed bullish on Thursday, gaining N1.003 trillion as investors renewed interest in undervalued and fundamentally strong stocks.

This led to market capitalisation of listed equities appreciating by 1.08 per cent to N93.480 trillion from N92.477 trillion reported the previous day.

The NGX All Share Index also increased by 1577.34 basis points to 146981.17 points from 145403.83 points traded the previous day.

The positive performance during the day lifted by gains in the shares of Zenith Bank, UBA, Stanbic IBTC, Access Holdings, Oando, Custodian Insurance among others 

A review of trading for the day showed that Linkage Assurance and Custodian Insurance led gainers table with 10 per cent to close at N1.76 and N38.50 per unit respectively.

Oando Plc followed with a gain of 9.97 per cent to close at N43.55 per unit, Legend Internet and Nahco added 9.96 per cent each to close respectively at N5.74 and N106.55 per share.

On the contrary, AustinLaz topped losers’ chart, dropping by 9.96 per cent to close at N2.35 per unit, Union Dicon trailed with a loss of 9.68 per cent to close at N7.00, Sterling Bank declined by 5.81 per cent to close at N7.30 per share, NGX group dipped by 5.31 per cent to close at N52.60 per share Guinness Nigeria Plc sheds 5.14 per cent to close at N166.00.

Volume of trades declined by 206.689 million, representing 25.63 per cent as investors traded 599.710 million against 806.399 million traded the previous day. Value of transaction also went down 54.95 per cent to settle at N22.696 billion in 23675 deals.

Transactions in the shares of Wema Bank led market activities with 98.434 million shares valued at N1.948 billion, United Bank for Africa followed with account of 52.971 million shares cost N2.213 billion, Access Holdings company traded 50.886 million shares cost N1.174 billion, Fidelity Bank exchanged 41.198 million shares valued at N783.968 million, Zenith Bank traded 40.718 million shares worth N2.631 billion.