Equities
Equities retain rally with N324b gains

Nigerian equities resumed their bullish run yesterday as investors earned N324 billion in capital gains.

The aggregate market capitalisation of all listed shares on the Nigerian Stock Exchange (NSE) is expected to close by N324 billion or 1,90 per cent to N17,383 trillion out of N17,059 trillion reported as opening value.

As a result , investors received N1.18 trillion in three trading days, rising N641 billion and N212 billion on Mondays and Tuesdays, respectively.

The benchmark index, the All-Share Index (ASI), increased by 621.26 points, reflecting a 1.90 per cent increase to 33.268.36 points, compared to 32.647.10 points reported as the opening index.

As a result, monthly and year-to-date returns rose to 9.0% and 23.94% respectively.

The uptrend was driven by gains registered in large and medium-sized stocks, including Nigerian Breweries, Presco, MTN Nigeria Communications (MTNN), Guinness and NASCON Allied Industries.

An analysis of the price movement chart showed that 51 stocks recorded price gain compared with seven losers.

Fidson Healthcare, Guinness, Neimeth International Pharmaceuticals and Sterling Bank led the gainers’chart in percentage terms, gaining 10 per cent each, to close at N4.95, N20.90, N2.42 and N2.20 per share, respectively.

GlaxoSmithKline followed with 9.85 per cent to close at N7.25, while Oando rose by 9.82 per cent to close at N3.58 per share.

Conversely, Learn Africa topped the losers’ chart in percentage terms, losing 4.76 per cent to close at N1 per share.

C&I Leasing followed with a loss of 4.65 per cent to close at N4.10, while Stanbic IBTC declined by 4.17 per cent to close at N46 per share.

Linkage Assurance dropped 4.08 per cent to close at 47k, while Red Star Express shed 3.68 per cent to close at N3.40 per share.

In the same vein, the total volume of trades transacted rose by 48.27 per cent as investors bought and sold 858.16 million shares valued at N9.06 billion in 8,142 deals.

This was in contrast with 578.78 million shares worth N7.74 billion achieved in 7,651 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 145.05 million shares valued at N1.08 billion.

Transcorp sold 126.26 million shares worth N141.21 million, while Zenith Bank traded 60.81 million shares valued at N1.52 billion.

United Bank for Africa accounted for 52.87 million shares worth N469.67 million, while  Access Bank transacted 44.05 million shares worth N400.98 million.

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