Equity market gains N313bn

The domestic equity market on Wednesday closed on positive note appreciating by N313 billion.

The good performance of the market was driven primarily by gains in the shares of Geregu power Oando, FBNHoldings, Eterna Plc, SFSReits, AccessCorp, Honey Well Flour and 21 others.

Market capitalisation of listed equities increased by 0.56 per cent to N56.446 trillion from N56.133 trillion it closed on Tuesday.

The NGX All Share Index also appreciated by 545.28 basis points to 98230.92 points from 97685.64 point reported the previous day.

As a result year to date return went to 31.37 per cent as NGX printed 28 gainers against 26 losers.

An analysis of the investment showed that SFSReits led gainers table with 9.99 per cent to close at N179.45 per unit, Honey Well Flour followed with a gain of 9.96 per cent to close at N5.41 per share, Meyer Paint up by 9.95 per cent to close at N2.89 per unit, Academy press added 9.89 per cent to close at N2.89 per share, Caverton Business Solutions went up by 9.68 per cent to close at N3.06 per share.

On the contrary, Northern Nigeria Flour Mills topped losers chart, dropping by 10 per cent to close at N39.15 per share Berger Paint trailed with a loss of 9.81 per cent to close at N21.60 per share, Deap Capital down by 9.68 per cent to close at N0.84 per share, Livestock Feeds down by 9.09 per cent to close at N2.40 per unit, Omatek fell by 7.14 per cent to close at N0.65 per share.

Volume of transactions declined by 49.998 million, representing 23.24 per cent as investors traded 361.302 million shares valued at N7.566 billion in 9627 deals against 471.300 million shares worth N9.464 billion in 12066 deals .

Trading in the shares of Japaul Gold led market activities with 64.042 million shares valued at N166.918 million, FBNHoldings followed with account of 26.675 million shares worth N840.671 million, United Bank for Africa traded 25.712 million shares cost N618.203 million, UPDC exchanged 18.224 million shares cost N37.328 million while Transnational Corporation of Nigeria sold a total of 17.817 million shares cost N191.592 million.