Bulls return as equity market gains N26bn


The domestic equity market Tuesday closed northward, appreciating by N26 billion.

Market capitalisation of listed equities increased by 0.05 per cent to N56.606 trillion from N56.580 trillion reported the previous day.

The NGX All Share Index also appreciated by 46.94 basis points to 100067.77 points from 100,020.83 points recorded the previous day.

The market’s positive performance was primarily driven by investors’ interest in stocks such as AccessCorp, Fidson health care, GTCO Plc, Nigerian Breweries, United Bank for Africa, Zenith Bank, Nahco among others.

Consequently, year to date return went to 33.83 per cent as NGX printed 24 decliners against 22 gainers.

An analysis of the investment showed that Cornerstone Insurance led gainers table with a gain of 10 per cent to close at N2.90 per share, Jaiz Bank followed with a gain of 9.95 per cent to close at N2.21 per unit, Wapic Insurance added 9.59 per cent to close at N0.80 per unit, Fidson health care up by 9.26 per cent to close at N14.75 per unit, Guinea Insurance increased by 8.82 per cent to close at N0.37 per share.

On the contrary, RTBriscoe topped losers chart, dropping by 9.86 per cent to close at N0.64 per share, Cutix Plc trailed with a loss of 6.82 per cent to close at N4.10 per unit, C&I Leasing down by 6.25 per cent to close at N3.00, Prestige insurance down by 5.56 per cent to close at N0.51 per unit, CWG dipped by 5.33 per cent to close at N8.00 per share.

Volume of trading activities for the day went up 90.96 basis points , representing 33.11 per cent as investors traded 365.642 million shares valued at N4.116 billion in 8665 deals against 274.782 million shares valued at N3.712 billion exchanged hands the previous day in 10112 deals.

Transactions in the shares of Universal insurance led market activities with 61.525 million shares valued at N24.359 million, AIICO Insurance followed with account of 31.722 million shares valued at N32.509 million, United Bank for Africa traded 25.854 million shares worth N581.910 million, United Capital exchanged 25.266 million shares worth N711.307 million while NEM Insurance exchanged 23.259 million shares worth N19.768 million.