Equity market still bullish, gains N739bn

Trading activities on the floor of Nigerian Exchange (NGX) started the month November on a bullish note, appreciating by N739 billion.

The increase in the shares price of Airtel Africa, FBNHoldings, Cadbury Nigeria Plc, Zenith Bank, Flour Mills Nigeria Plc, Presco, AccessCorp, GTCO Plc, Flour Mills Nigeria Plc and other 28 company lifted market activities pushing NSE index to cross 70 million mark.

Specifically, market capitalisation of listed equities appreciated by 1.94 per cent to N38.777 trillion from N38.038 trillion reported the previous day.

The NGX All Share Index also increased by 1345.57 basis points to 70581.76 points from 69236.16 points traded the previous day.

An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, gaining 10 per cent to close at N2694.10 per share, Chams Plc and UPL followed with a gain of 9.91 per cent each to close at N2.44 per share and N2.33 per share respectively. NEM Insurance gained 9.90 per cent to close at N5.55 per unit, FBNHoldings added 9.78 per cent to close at N19.65 per share.

On the contrary, Caverton Business Solutions recorded the highest loss during the day, declining 7.74 per cent to close at N1.43 per share, Champion Breweries trialed with a loss of 6.85 per cent to close at N3.40 per share, C &I Leasing down by 6.41 per cent to N3.36 per unit. UPDC REIT fell by 2.70 per cent to close at 3.60 per share. Unilever Nigeria Plc declined by 2.44 per cent to close at N14.00.

Volume of trades increased by 118.463 million, representing 24.51 per cent growth as investors traded 601.732 million shares valued at N11.016 billion in 7444 deals against 483.269 million shares worth N6.044 billion exchanged hands the previous day in 8027 deals.

Transactions in the shares of  United Bank for Africa led market activities with 163.561 million shares valued at N3.472 billion, FBNHoldings followed with 94.654 million shares valued at N1.841 billion, AccessCorp traded 36.693 million shares worth N641.992 million, Universal insurance exchanged 34.716 million shares cost N8.938 million while Japaul Gold exchanged 25.717 million shares valued at N33.114 million.