Local equity market gains N404bn

Transactions on the floor of Nigerian Exchange (NGX) opened the week on a positive note, appreciating by N404 billion, as gain recorded in the shares of Dangote Sugar, Transnational Corporation of Nigeria, Transpower, Wapco and UBA boosted market activities.

Chief executive of MTN Nigeria, Ferdi Moolman (C-R) and chairman of board, Pascal Dozie (C), sound the closing gong flanked by other executives of the board during the ceremony to list MTN shares on the Nigerian Stock Exchange, on May 16, 2019, in Lagos. – Africa’s largest mobile phone operator, MTN, listed shares on the Nigerian Stock Exchange (NSE) in a $6 billion flotation reflecting its increasing presence in the Nigerian market, its largest. (Photo by PIUS UTOMI EKPEI / AFP) (Photo credit should read PIUS UTOMI EKPEI/AFP via Getty Images)

Market capitalisation of listed equities increased by 0.71 per cent to N57.697 trillion from N57.293 trillion recorded the previous day.

The NGX All Share Index also appreciated by 713.99 basis points to 102044.84 points from 101330.85 points reported on Friday.

As a result, year to date return went higher to36.47 per cent as the Exchange printed 34 gainers against 16 losers.

An analysis of the Investment showed that HoneyWell Flour and NEM Insurance led gainers table with 10 per cent each to close at N3.74 per cent and N6.05 per cent respectively

Dangote Sugar followed with a gain of 9.97 per cent to close at N61.20 per share, Nascon gained 9.92 per cent to close at N57.60 per share, Wema Bank added 9.79 per cent to close at N7.85 per share.

On the contrary, Prestige Insurance recorded the highest loss during the day, declining by 10 per cent to close at N0.54 per unit. Lasaco Insurance trailed with a drop of 9.83 per cent to close at N2.11 per share, UACN fell by 9.68 per cent to close at N12.60 per unit, RT Briscoa, down by 8.16 per cent to close at N0.45 per share International Insurance dipped by 7.74 per cent to close at N1.55 per unit.

Volume of trades grew by 78.774 million represnting 22.0 per cent as investors traded 436.896 million shares worth N17.099 billion in 11344 deals against 358.122 million valued at N19.878 billion exchanged hands the previous day in 10786 deals.

Transactions in the shares of GTCO Plc led market activities with 96.630 million shares valued at N4.023 billion, Transnational Corporation of Nigeria followed with account of 73.860 million shares worth N1.230 billion, AccessCorp traded 48.089 million shares cost N988.350 million, United Bank for Africa sold a total of 21.580 million shares valued at N497.306 million while Nascon exchanged 19.574 million shares worth N112.573 million.