Equities market appreciates by N178bn

Nigerian equities on Tuesday extended gains for the fourth consecutive session as market capitalisation gained N178 billion.

The All Share Index (ASI) rose by 326.51 basis  points or 0.73 per cent to close at 44,788.14 basis points. Accordingly, investors gained N178 billion in value as market capitalisation went up to N24.395 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Union Bank of Nigeria (UBN), Jaiz Bank, Sterling Bank and SUNU Assurance Plc.

As measured by market breadth, market sentiment was negative, as 19 stocks lost relative to nine gainers. BUA Cement recorded the highest price gain of 10 per cent to close at N68.20 per share. SUNU Assurance followed with a gain of 9.38 per cent to close at 35 kobo, while Jaiz Bank went up by 8.99 per cent to close at 97 kobo per share.

Union Bank went up by 8.47 per cent to close at N6.40, while R.T. Briscoe Nigeria appreciated by 7.14 per cent to close at 30 kobo per share.

On the other hand, Royal Exchange led the losers’ chart by 9.64 per cent to close at 75 kobo per share. Multiverse Mining & Exploration followed with a decline of 8.50 per cent to close at N4.20, while May & Baker Nigeria went down by 6.67 to close at N3.92 per share.

Cornerstone Insurance lost 5.88 per cent to close at 48 kobo, while Nigerian Exchange Group (NGXGroup) shed 4.42 per cent to close at N20.55, per share.

The total volume of trades increased by 120.12 per cent to 159.211 million units, valued at N2.729 billion, and exchanged in 3,385 deals.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 47.425 million shares valued at N13.279 million. Sterling Bank  followed with 24.437 million shares worth N37.543 million, while Jaiz Bank traded 10.609 million shares valued at N10.069 million.

Fidelity Bank traded 10.311 million shares valued at N37.893 million, while Guaranty Trust Holding Company (GTCO) transacted 6.322 million shares worth N115.662 million.

On market outlook, GTI Securities Limited said “we expect mixed sentiments to persist, as pre-election risks amplifies and investors anticipate the release of companies third quarter (Q3), 2022 results.”