Bulls return as local equity gains N902bn

The local equity market on Thursday rebounded, gaining N902 billion as gains recorded in the shares of Dangote Sugar, GTCO, BuaFoods, FBNHoldings, AccessCorp, Nascon and 47 others lifted market activities during the day.

As a result market capitalisation of listed equities increased by  1.63 per cent to N56.259 trillion from N55.357 trillion reported the previous day.

The NGX All Share Index also appreciated by 1647.80 basis points to 102802.25 points from 101154.45 points recorded on Wednesday.

The market recorded year to date gain of 37.48 per cent as the NSE printed 58 gainers against 18 losers.

Volume of trades rose was up by 111.877 million, representing 14.93 per cent as investors traded 861.005 million shares valued at N12.155 billion in 12851 deals against 749.128 million shares cost N22.492 billion exchanged hands the previous day in 14288 deals.

An analysis of the trading activities for the day showed that four companies gained 10 per cent at the close of trading on Thursday.

The result showed that GTCO, Veritas Kapital, Caverton Business Solutions, Chams gained 10 per cent each to close at N40.70, N0.66 per share, N1.87 and N2.64 per unit respectively, Nascon followed with a gain of 9.98 per cent to close at N67.75 per share.  Zenith Bank appreciated by 9.97 per cent to close at N38.60 per unit.

On the contrary, Deap Capital recorded the highest loss during the day, declining by 9.88 per cent to close at N0.73 per unit, CWG trailed with a loss of 9.97 per cent to close at N6.85 per unit, RTBriscoe sheds 9.86 per cent to close at N0.64 per share, UPL down by 9.76 per cent to close at N3.33 per share, Mcnichols depreciated by 9.43 per cent to close at N1.44 per unit.

Transactions in the shares of Universal Insurance led market activities with 113.757 million shares valued at N42.513 million, Transnational Corporation of Nigeria followed with account of 91.015 million shares cost N1.155 billion, Zenith Bank traded 74.316 million shares worth N2.760 billion, United Bank for Africa exchanged 69.177 million shares worth N1.717 billion while Veritas Kapital traded 58.739 million shares valued at N35.954 million.