Local equities market sustains growth gains N317bn

The local equities market edged higher on Thursday, gaining N317 billion.

Market capitalisation of listed equities increased by 0.57 per cent to N52.900 trillion from N55.583 trillion reported the previous day.

The NGX All Share Index also appreciated by 578.82 basis points to 102149.93 points from 101571.11 points recorded on Wednesday.

Buying interest in Seplat Energy, Geregu Power, GTCO Plc, United Bank for Africa, May and Baker, Universal insurance others kept the market in the green region outweighing other stock Cadbury Nigeria Plc which closed in the negative zone.

The year to date return stood at 36.61 per cent as the NSE printed 32 gainers against 28 losers at close of Transactions yesterday.

An analysis of the investment showed that Universal Insurance and Seplat Energy led gainers table with 10 per cent each to close at N0.44 per share and N3074.60 per unit respectively. AIICO Insurance followed with a gain of 9.84 per cent to N1.34 per share, Japaul Gold added 9.80 per cent to close at N2.30 Kobo while May&Bakers gained 9.77 per cent to close at N7.30 per unit.

On the contrary Ikeja Hotel recorded the highest loss , declining by 9.91 per cent to close at N7.18 per unit, HoneyWell flour trailed with a drop of 9.70 per cent to close at N4.47 per unit, Linkage Assurance down by 8.40 per cent to close at N1.20 per share, UPDC REITs dipped by 8.06 per cent to close at N5.70 per unit while Mcnichols down by 7.53 per cent to close at N1.35 per unit.

Volume of Transactions increased by 15.657 million or 3.21 per cent as investors traded 504.194 million shares worth N10.302 billion in 12235 deals against 488.490 million shares valued at N8.036 billion in 12080 deals.

Transactions in the shares of United Bank for Africa (UBA) led market activities with 74.875 million shares valued at N2.248 billion, Transnational Corporation of Nigeria followed with 34.186 million shares valued at N581.076 million, Sterling Bank traded 33.069 million shares worth N210.443 million, Japaul Gold exchanged 31.934 million shares valued at N87.979 million while AccessCorp sold a total of 27.499 million cost N788.678 million