Equity market opens week bullish, gains N156bn

Domestic equity market opened transactions on the floor of Nigerian Exchange (NGX) on a positive note, gaining N156 billion.

The NGX trading result showed that gain recorded in the shares of BuaCement, Oando, Seplat, Glaxosmith, Fidelity Bank and others boasted activities in the market.

Market capitalisation of listed equities increased by 0.40 per cent to N38.712 trillion from N38.556 trillion reported the previous day.

The NGX All Share Index also appreciated by 282.85 basis points to 70479.62 points from 70196.77 points it closed on Friday.

A review of the investment showed that Thomas Way led gainers table in percentage terms, gaining 10 per cent to close at N4.07 per share, Chams Plc followed with a gain of 9.90 per cent to close at N2.22 per unit, Gloxasmith gained 9.68 per cent to close at N13.60 per share, Oando Plc up by 9.66 per cent to close at N9.65 per share, Japaul Gold gained 9.45 per cent to close at N1.39 per unit.

On the contrary, ABC Transport recorded the highest loss during the day, dropping by 9.30 per cent to close at N0.78 per unit, Cornerstone Insurance trailed with a drop of 9.27 per cent to N1.37 per share. Champion Breweries gained 9.19 per cent to N3.36 per share, International Breweries down by 8.79 per cent to close at N0.21 per unit.

Volume of trades declined by 19.348 million, representing 4.72 per cent as investors traded 391.013 million shares valued at N7.705 billion in 6837 deals against 410.361 million shares costing N9.163 billion exchanged hands the previous day in 6436 deals.

Trading  in the shares of United Bank for Africa led market activities with 105.627 million shares valued at N2.137 billion, FBNHoldings followed with account of 33.267 million shares cost N602.498 million, Japaul Gold traded 21.348 million shares valued at N29.607 million, Fidelity Bank exchanged 20.438 million shares worth N175.964 million, AccessCorp exchanged 19.502 million shares valued at N33.657 million.