Nigerian equities market appreciates by N100bn 

The Nigerian equities market extended its winning streak to a fourth consecutive trading session as investors’ investments rose by N100 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 154.59 per cent, or  0.06 per cent to close at 244,852.21 points. Similarly, the overall market capitalisation value gained N100 billion to close at N 157.043 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Vitafoam Nigeria, MTN Nigeria Communications, Nigerian Aviation Handling Company (NAHCO), UACN and Oando.

Heading into the next session, Cowry Assets Management Limited said, the market is expected to sustain its bullish bias as investors continue to recalibrate and reposition their portfolios.

However, market breadth was negative, as 36 losers outpaced 30 gainers. Livestock Feeds recorded the highest price gain of 10 per cent to close at N9.35, per share. DEAP Capital Management & Trust followed with a gain of 9.86 per cent to close at N5.35, while Abbey Mortgage Bank appreciated by 9.78 per cent to close at N12.35, per share.

Vitafoam Nigeria appreciated by 8.25 per cent to close at N210.00, while FTN Cocoa Processors rose by 6.54 per cent to close at N9.45, per share.

On the other hand, Neimeth International Pharmaceuticals led the losers’ chart by 10 per cent to close at N9.00, per share. International Energy Insurance followed with a decline of 9.92 per cent to close at N7.90, while John Holt declined by 9.73 per cent to close at N13.45, per share.

The Initiates Plc (TIP) shed 8.42 per cent to close at N30.45, while eTranzact International lost 8.06 per cent to close at N16.55, per share.

Meanwhile, the total volume of trade declined marginally by 3.47 per cent to 1.226 billion units, valued at N38.844 billion, and exchanged in 54,193 deals. Transactions in the shares of Sterling Financial Holdings Company topped the activity chart with 555.330 million shares valued at N4.433 billion. FCMB Group followed with 121.131 million shares worth N1.448 billion, while Access Holdings traded 48.152 million shares valued at N1.211 billion.

Jaiz Bank traded 33.930 million shares valued at N305.051 million, while Fidelity Bank transacted 28.467 million shares worth N568.950 million.