Market Capitalisation Up N2bn as Stock Market Ends Bearish Trend

Darasimi Adebisi

The Nigerian equities market yesterday closed trading activities in the green, to halt the six-days of consecutive bearish trend.

The market upturn was due to investors’ renewed buying interest in the Financial and Industrial sectors, as capitalisation gained N2 billion.

In summary, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew by 4.88 basis points, representing an increase of 0.01 per cent, to close at 38,920.50 basis points. Similarly, the overall market capitalisation value gained N2 billion to close at N20.28 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UAC of Nigeria (UACN), Dangote Sugar Refinery, Africa Prudential, Oando and University Press.

However, the market breadth closed negative, recording 21 losers as against 14 gainers. UACN Property Development Company (UPDC) recorded the highest price gain of 9.93 per cent, to close at N1.66, per share.

Academy Press followed with a gain 8.33 per cent to close at 39 kobo, while Courteville Business Solutions appreciated by 7.41 per cent to close at 29 kobo, per share.

Vitafoam Nigeria went up by 3.88 per cent to close at N17.40, while Livestock Feeds appreciated by 2.88 per cent to close at N2.14, per share.

On the other hand, Sovereign Trust Insurance led the losers’ chart by 7.41 per cent, to close at 25 kobo, per share. University Press followed with a decline of 6.42 per cent to close at N1.02, while Regency Alliance Insurance shed 6.25 per cent to close at 45 kobo, per share.

UACN lost 4.85 per cent to close at N9.80, while Chams declined by 4.55 per cent to close at 21 kobo, per share.

Meanwhile, the total volume rose by 13.6 per cent to 228.479 million shares, worth N1.879 billion, and traded in 3,376 deals.

Transactions in the shares of Wema Bank topped the activity chart with 46.761 million shares valued at N35.973 million. Access Bank followed with 28.240 million shares worth N263.495 million, while United Bank of Africa (UBA) traded 17.767 million shares valued at N135.079 million.

Mutual Benefits Assurance traded 17.244 million shares valued at N4.879 million, while Fidelity Bank transacted 14.800 million shares worth N36.066 million.

Analysts at Afrinvest Limited said that “In the next trading session, we anticipate a negative performance as market remains short of a positive catalyst.”