Equity market gains N982bn

By Omeiza Bilal

Local equity market Wednesday rebounded, appreciating by N982 billion as gains recorded by Geregu Power, Nigeria Breweries, BuaFoods,United Bank for Africa, Seplat and Zenith outweigh loss recorded in the shares of BuaCement, Fidelity, Mecure NCR.

Market capitalisation of listed equities increased by 1.76 per cent to N56.632 trillion from N55.650 trillion reported on Tuesday.

The NGX All Share Index also appreciated by 1,790.58 basis points to 103498.28 points from 101707.70 points recorded the previous day.

Consequently, the year to date return increased to 38.42 per cent as the NGX printed 28 gainers against 25 losers.

An analysis of the investment showed that Airtel Africa and Unity Bank led gainers table with 10 per cent each to close at N2200 and N2.42 per share respectively.

Juli Pharmaceutical followed with a gain of 9.91 per cent to close at N1.22 per cent, FBNHoldings added 9.90 per cent to close at N27.20 per share while Morrison Industry added 9.82 per cent to close at N3.02 per unit.

On the contrary, NCR and Mecure, Thomas Way recorded highest loss, dropping by 10 per cent each to close at N4.32, N9.72  and 2.25 per share  respectively. Meyer Paint fell by 9.99 per cent to close at N6.22 per share, BuaCement down 9.91 per cent to close at N150.00 per unit.

Volume of Transactions also went us by 163.669 million, representing 62.19 per cent as investors traded 426.861 million shares valued at N12.106 billion in 8654 deals against 263.192 million shares worth N4.30 billion in 8614 deals.

The result further showed that FBNHoldings led market activities with 54.611 million shares valued at N1.478 billion, United Bank for Africa followed with account of 47.658 million shares cost N1.172 billion, AccessCorp traded 46.045 million shares valued at N1.091 billion, Transnational Corporation of Nigeria exchanged 30.645 million shares worth N394.902 million , Nigerian Breweries exchanged 25.487 million shares worth N968.657 million.