Equities halt losses as market capitalisation rises by N5 billion — Business

Following gains recorded by many blue-chip stocks, the equities market halted its losing streak, closing in an upbeat, yesterday, and causing market capitalisation to appreciate by N5 billion.

At the close of trading yesterday, the All-Share Index (ASI) increased by 10.32 absolute points, representing a growth of 0.02 per cent to close at 42,018.92 points. Similarly, the overall market capitalisation size gained N5 billion to close at N21.925 trillion.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Lafarge Africa, Zenith Bank, Guaranty Trust Holding Company (GTCO), Guinness Nigeria and NEM Insurance.

Analysts at Vetiva Dealings and Brokerage said: “We saw investors take advantage of the lower entry price points resulting from the persistent sell-offs, hence the positive finish in the banking space. We expect this trend to continue as savvy investors continue to bargain hunt across the board.”

Market sentiment was positive, as 20 stocks recorded price appreciation while 19 constituted the losers’ chart.

Specifically, Abbey Mortgage Bank recorded the highest price gain of 9.47 per cent, to close at N1.04 kobo, while Meyer Plc followed with a gain of 8.33 per cent to close at 26 kobo. NEM Insurance rose by 7.56 per cent to close at N2.42 kobo.

Academy Press went up by 7.14 per cent to close at 45 kobo while Royal Exchange appreciated by 6.90 per cent to close at 62 kobo. UAC Property Development Company (UPDC) garnered 6.48 per cent to close at N1.15 kobo while FTN Cocoa rose by 5.71 per cent to close at 37 kobo. Courteville appreciated by 5.41 per cent to close at 39 kobo. Lafarge WAPCO added 5.41 per cent to close at N23.40 kobo. Chams also gained five per cent to close at 21 kobo.

However, GlaxoSmithKline Consumer Nigeria led the losers’ chart by 9.32 per cent, to close at N5.35 kobo while Seplat Energy followed with a decline of 5.38 per cent to close at N615.00 kobo. Jaiz Bank lost 4.48.per cent to close at 64 kobo.

Dangote Sugar Refinery depreciated by 3.23 per cent to close at N15 while Japaul Gold and Ventures shed 2.56 per cent to close at 38 kobo.

Regency Assurance lost 2.50 per cent to close at 39 kobo. First City Monument Bank dropped 2.33 per cent to close at N2.93 kobo. Honeywell depreciated by 2.31 percent to close at N3.38 kobo.

FlourMills dropped by 2.25 per cent to close at N28.30 kobo while Oando also shed 2.17 per cent to close at N4.50 kobo.

On the activity chart, the total volume traded increased by 51.5 per cent to 639.442 million shares, worth N6.627 billion, and traded in 4,564 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 364.030 million shares valued at N4.110 billion. Sterling Bank followed with 80.973 million shares worth N121.434 million.

Ecobank Transnational Incorporated (ETI) traded 19.768 million shares valued at N159.435 million. GTCO traded 19.421 million shares valued at N467.040 million, while Fidelity Bank transacted 18.630 million shares worth N43.565 million.