Nigerian equities market gains N71bn in midweek trading session
The Nigerian equities market closed the midweek trading session on a bullish note, as gains in Nestle Nigeria Plc and others caused the overall capitalistaion to close higher by N71 billion.
Precisely, the All-Share Index up by 109.41 points, representing a gain of 0.04 per cent to close at 244,912.24 points. Also, market capitalisation appreciated by N71 billion to close at N 158.087 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nestle Nigeria, First Holdco, AVA Capital, VFD Group and FCMB Group.
Investor sentiment was negative as 27 decliners outpaced 20 advancers. Linkage Assurance emerged the highest price gainer of 9.94 per cent to close at N1.77, per share. AVA Capital followed with a gain of 9.55 per cent to close at N10.90 and Fortis Global Insurance rose by 7.69 per cent to close at N2.80, per share.
McNichols rose by 7.34 per cent to close at N5.85, while Wapic Insurance advanced by 5.51 per cent to close at N2.49, per share.
On the other side, Honeywell Flour Mills and PZ Cussons Nigeria led others on the losers’ chart with 9.94 per cent each to close at N16.30 and N74.75 respectively, while Zichis Agro Allied Industries followed with a decline of 9.74 per cent to close at N20.76, per share.
Learn Africa depreciated by 9.62 per cent to close at N9.40, while Neimeth International Pharmaceuticals declined by 8.33 per cent to close at N8.25, per share.
The total volume traded declined by 47.3 per cent to 824.06 million units, valued at N25.47 billion, and exchanged in 48,114 deals. Transactions in the shares of FCMB Group led the activity with 358.395 million shares worth N3.948 billion. Chams Holding Company followed with a volume of 33.923 million shares valued at N146.721 million, while Access Holdings traded 25.332 million shares valued at N661.210 million.
First Holdco traded 21.911 million shares worth N2.780 billion, while Linkage Assurance traded 18.437 million shares worth N31.539 million.
Looking ahead, Cowry Assets Management Limited said, the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.
