Nigerian equities market advances by N403bn

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The Nigerian equities market on Thursday sustained its bullish momentum with a gain of N403 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 637.27 basis points or 0.53 per cent to close at 120,977.20 basis points. Also, market capitalisation rose by N403 billion to close at N76.583 trillion.

Investor sentiment remained firmly upbeat, underscored by a robust market breadth; 54 stocks recorded gains against 15 decliners. Academy Press, Berger Paints, Deap Capital Management & Trust and Guinea Insurance emerged the highest price gainer of 10 per cent each to close at N5.61, N33.00, N1.10 and 99 kobo respectively, per share.

Unilever Nigeria followed with a gain of 9.96 per cent to close at N56.85, while UPDC and FTN Cocoa Processors up by 9.95 per cent each to close at N4.31 and N4.86 respectively, per share.

On the other side, Neimeth International Pharmaceuticals led others on the losers’ chart with 8.49 per cent to close at N7.22, per share. Legeng Internet followed with a decline of 7.98 per cent to close at N7.73, while CWG down by 4.50 per cent to close at N13.80, per share

Sovereign Trust Insurance shed 4.35 per cent to close at N1.32, while VFD Group lost 3.57 per cent to close at N13.50, per share.

The total volume traded dipped by 11.1 per cent to 933.400 million units, valued at N29.308 billion, and exchanged in 24,207 deals. Transactions in the shares of Universal Insurance led the activity with 67.333 million shares worth N40.672 million. Access Holdings followed with account of 62.617 million shares valued at N1.458 billion, while Chams Holding Company traded 59.739 million shares valued at N147.103 million.

Japaul Gold & Ventures traded 49.457 million shares worth N147.876 million, while Guaranty Trust Holding Company (GTCO) traded 49.457 million shares worth N147.876 million.

On market outlook, Afrinvest Limited said, “we anticipate a mild bullish performance in tomorrow’s session, driven by the robust investor sentiment, though tempered by the potential for profit-taking.”