Equity market gains N83bn

Agency Report

The local equity market on Monday opened in a bullish note, appreciating by N83 billion as gain recorded by MTN Nigeria, Presco Transcorps lifted market activities.

The gain in capitalised stocks impacted on the market as Market capitalisation of listed equities increased by 0.13 per cent to N64.791 trillion from N64.708 trillion it closed on Friday.

The NGX All Share Index also grew by   134.18 basis points to 104630.30 points from 104496.12 points recorded the previous day.

The positive performance recorded during the day was driven by gains in shares of Presco, MTNNigeria, Okomuoil, Northern Nigeria Flour Mills, Betaglass and 16 other firms which outweigh loss recorded in stocks of UPL, Omatek, SCOA, Lasaco NGX group among others. As a result, year to date return went up to 1.66 per cent.

An analysis of the investment showed that Betaglass and Presco Plc led gainers table with 10 per cent to close at N78.65 and N643.50 per unit, Okomuoil followed with a gain of 9.99 per cent to close at N537.20 per share, Northern Nigeria Flour Mills added 9.98 per cent to close at N66.65 per share, Challaram gained 9.95 per cent to close at N7.18 per unit.

On the contrary, UPL topped losers’ chart, dropping by 10 per cent to close at N5.04 per unit, Omatek dipped by 9.88 per cent to close at N0.73 per unit, Scoa Plc declined by 9.83 per cent to close at N3.67 per share, Lasaco Insurance down by 8.33 per cent to close at N2.75 per unit, NGX group dropped by 8.14 per cent to close at N27.10 per share.

Volume of trades declined by 754.431 million, representing 59.64 per cent as investors traded 510.569 million shares valued at N13.253 billion in 14611 deals against 1.265 billion shares worth N15.422 billion reported the previous day in 14540 deals.

FBNHoldings led market activities with 83.990 million shares valued at N2.479 billion, Zenith Bank followed with account of 54.533 million shares worth N2.725 billion, Universal insurance traded 32.586 million shares valued at N21.010 million, United Bank for Africa exchanged 31.578 million shares cost N1.184 billion, Fidelity Bank exchanged 19.452 million shares valued at N377.883 million