Equity market sustains growth trend, gains N577bn

The domestic equity market experienced growth profile at the end of trading on Thursday, as the All-Share Index increased by 1,017.29 basis points to close the session at 98116.27 points.

The result showed a surge of 1.05 per cent from 97098.98 points it closed on Wednesday as bull dominated the market activities during the day.

The good performance of the market was driven by gain in the shares of MTN Nigeria, Unilever Nigeria, Oando, Okomu oil, AccessCorp, FBNHoldings, Nigerian Breweries, Skyavn, Zenith Bank and 25 others impacted positively on the market.

This growth trend resulted in a 1.05 per cent increase in the market capitalisation of listed equities which rose to N55.707 trillion translating to a total gain of N557 billion from N55.130 trillion reported the previous day.

The market saw a dominance of the bullish activity with 33 gainers outnumbering 19 losers as year-to-date return went up to 31.22 percent.

Volume of trades also up by 155.28 basis points, representing 24.40 per cent as investors traded 791.781 million shares valued at N15.126 trillion from 636.501 million worth N12.769 billion exchanged hands the previous day in 9744 deals.

An analysis of the investment showed that MTN Nigeria, Vitafoam Nigeria and Unilever led gainers table, appreciating 10 per cent each to close at N198.00, N19.25 and N18.70 per share respectively. Okomu oil followed with a gain of 9.99 per cent to close at N353.30 per unit, Oando Plc added 9.97 per cent to close at N36.95 per share.

On the contrary, United Capital topped losers’ chart, dropping by 9.94 per cent to close at N14.50 per share, Abbey Building Society trailed with a loss of 8.05 per cent to close at N2.40 per unit, Sterling Bank dropped by 5.66 per cent to close at N4.00, Ikeja Hotel dipped by 5.56 per cent to close at N6.80 per share while Chams down by 5.38 per cent to close at N2.12 per share.

Transactions in the shares of NEM Insurance led market activities with 187.509 million shares valued at N1.312 billion, AccessCorp followed with account of 115.982 million shares cost N2.203 billion, GTCO Plc traded 109.920 million shares valued at N5.055 billion, Abbey Building Society exchanged 50.723 million shares valued at N121.742 million while United Bank for Africa traded 44.628 million shares cost N934.388 million.