Stock Market Gains N131bn After Six Days of Losses 

Kayode Tokede 

The stock market segment of the Nigerian Exchange Limited (NGX) yesterday gained N131 billion in market capitalisation to halt a six-day losing momentum.

As a result, the NGX All-Share Index gained 215.88 basis points or 0.22 per cent to close at 97,123.61 basis points. Also, market capitalisation rose by N131 billion to close at N58.852 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Conoil, United Bank for Africa (UBA), Julius Berger, Zenith Bank and PZ Cussons Nigeria.

As measured by market breadth, market sentiment was positive, as 26 stocks gained relative to 21 losers. Conoil emerged the highest price gainer of 9.93 per cent to close at N208.10, while John Holt followed with a gain of 9.92 per cent to close at N3.99, per share.

Eunisell Interlinked and UBA appreciated by 9.87 per cent each to close at N6.79 and N35.05 respectively, while PZ Cussons Nigeria added 8.48 per cent to close at N24.95, per share.

On the other side, Oando led others on the losers’ chart with 9.98 per cent to close at N72.65, per share. DAAR Communications followed with a decline of 9.68 per cent to close at 56 kobo, while Regency Alliance Insurance shed 6.52 per cent to close at 43 kobo, per share.

Veritas Kapital Assurance lost 6.25 per cent to close at N1.20, while Guinea Insurance depreciated by 4.26 per cent to close at 45 kobo, per share.

The total volume traded increased by 194.37 per cent to 3.602 billion units, valued at N25.570 billion, and exchanged in 10,679 deals. Transactions in the shares of Sovereign Trust Insurance led the activity with 2.5 billion shares worth N1.425 billion. NEM Insurance followed with account of 563.765 million shares valued at N3.948 billion, while UBA traded 201.959 million shares valued at N6.739 billion.

Zenith Bank traded 46.355 million shares worth N1.960 billion, while Veritas Kapital Assurance traded 34.661 million shares worth N41.982 million.