Equity market gains N370bn

The domestic equity market on Monday opened on a positive note, gaining N370 billion, as trading for the day dominated with bullish activities.

Market capitalisation of listed equities increased by 0.56 per cent to N66.188 trillion from N65.819 trillion reported the previous day.

The NGX All Share Index also appreciated by 588.43 basis points to 105551.39 points from 104962.96 points traded on Friday.

The positive market performance during the day was driven by gains recorded in the shares of MRS, Afriprudential, GTCO Plc, FirstHoldco, UBA, Fidelity Bank, Stanbic IBTC and 18 other firms.

As a result, year to date return improved to 2.55 per cent as 25 companies closed in green while 22 firms closed in red.

An analysis of the investment showed that Royal Express led gainers table with 10 per cent to close at N0.88 per share, Live Stock Feeds followed with a gain of 9.87 per cent to close at N9.24 per share, Abbey Building Society added 9.72 per cent to close at N3.95 per share, Universal insurance added 9.62 per cent to close at N0.57 per unit, SUNU Assurance gained 9.22 per cent to close at N5.45 per share.

On the contrary, NEM Insurance topped losers’ chart, dropping by 9.63 per cent to close at N12.20 per unit, United Capital trailed with a loss of 9.29 per cent to close at N16.60 per share, CWG fell by 6.67 per cent to close at N8.40 per share, Daar Communications dipped by 6.06 per cent to close at N0.62 per unit.

Volume of transactions also increased 43.311 million, representing 10.90 per cent as investors traded 440.519 million shares valued at N10.470 billion in 13314 deals against 397.208 million shares cost N14.170 billion exchanged hands the previous day in 10182 deals.

Trading in the shares of Zenith Bank led market activities with 55.062 million shares valued at N2.605 billion, FCMB followed with account of 49.586 million shares worth N449.084 million, United Bank for Africa exchanged 47.381 million shares cost N1.835 billion, Access Holdings company traded 37.234 million shares valued at N834.092 million while Fidelity Bank traded 31.298 million shares worth N563.894 million.