Local equity market sustains growth profile, gains N14bn

The local equity market on Friday closed northward, appreciating N14 billion.

The market capitalisation of listed equities increased by 0.025 per cent to N56.172 trillion from N56.156 trillion reported the previous day.,

The NGX All Share Index also appreciated by 24.35 basis points to 99300.38 points from 99276.03 points reported the previous day.

However, the good performance of stocks was driven by gains in the shares of GTCO Plc, United Capital, Nestle, Fidelity Bank,Oando, Nahco,  Cornerstone Insurance and 16 others.

As a result year-to-date return rose to 32.80 per cent as bulls dominated the market with 23 gainers against 15 decliners

The trading for the day showed that UPDC led gainers table with 9.84 per cent to close at N1.34 per unit, International General Insurance followed with a gain of 9.74 per cent to close at N1.69 per unit, RTBriscoe added 9.09 per cent to close at N0.84 per unit, Oando Plc up by 8.26 per cent to close at N11.80 per unit, Cornerstone Insurance grew by 7.95 per cent to close at N1.90 per share.

On the contrary, C&I Leasing topped losers chart on Friday, declining by 10 per cent to close at N2.97 per share, FTNCocoa trailed with a drop of 8.33 per cent to close at N1.10 per unit, Livestock Feeds down by 6.78 per cent to close at N1.65 per unit, EllahLakes fell by 5.36 per cent to close at N3.00 per unit, Chams Plc sheds 4.46 per cent to close at N1.50 per share.

The volume of shares traded during the day  increased by 124.283 million , representing 40.12 per cent as investors bought 433.997 million shares valued at N8.575 billion in 8525 deals against 309.714 million shares costing N5.436 billion in 7035 deals.

Transactions in the shares of Zenith Bank led market activities with 111.130 million valued at N3.738 billion, AIICO Insurance followed with account of 59.113 million shares cost N59.056 million, AccessCorp traded  43.412 million shares cost N746.723 million, Fidelity Bank traded 36.181 million shares worth N364.565 million while GTCO Plc exchanged 24.161 million shares valued at N965.707 million.