Nigerian equities market closes in positive territory

Nigerian equities market closes in positive territory

Nigeria’s bourse on Thursday returned to the positive territory, rebounding by N15 billion following gains posted by FBN Holdings.

This is coming even as the Nigerian Gross Domestic Product expanded by 5.01 per cent.

Specifically, the market capitalisation inched higher by N15 billion or 0.07 per cent to close at N20.568 trillion from N20.553 trillion on Wednesday.

Also, the All-Share Index appreciated by 0.07 per cent to close at 39,477.18 compared with 39,449.82 posted on Wednesday.

Accordingly, the month-to-date gain increased to 2.4 per cent, while the year-to-date loss moderated to 2.0 per cent.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Eterna, GlaxoSmithKline, Presco, Honeywell Flour Mills and UACN Property Development Company.

Consequently, the market breadth closed positive with 27 gainers in contrast with 12 losers.

Eterna led the gainers’ chart in percentage terms gaining 9.97 per cent to close at N7.50 per share.

UPDC followed with a gain 9.74 per cent to close at N1.69, while AIICO went up by 8.42 per cent to close at N1.03 per share.

GlaxoSmithKline rose by 7.94 per cent to close at N6.80, while Honeywell Flour Mills gained 7.45 per cent to close at N3.46 per share.

On the other hand, Ikeja Hotel drove the losers’ chart in percentage terms by 10 per cent to close at N1.26 per share.

SCOA followed with a decline of 9.43 per cent to close at N1.44, while Associated Bus Company was down by 8.33 per cent to close at 33k per share.

Champion Breweries lost 4.55 per cent to close at N2.10, while Japaul Gold and Ventures shed 3.85 per cent to close at 50k per share.

However, the total volume of trades declined by 6.05 per cent to 186.33 million units valued at N1.79 billion achieved in 3,595 deals.

This was against a total of 198.33 million shares worth N1.06 billion shares accounted in 3,336 deals on Wednesday.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart with 19.67 million shares valued at N4.64 million.

Lafarge Africa followed with 17.43 million shares worth N382.42 million, while Honeywell Flour Mills traded 15.04 million shares valued at N52.41 million.

Mutual Benefits Assurance traded 14.65 million shares valued at N4.52 million, while UPDC transacted 10.39 million shares worth N17.32 million.

Meanwhile, Eterna announced on the Exchange the acquisition of 794.97 million, representing 60.98 per cent equity stake by Preline Ltd as part of the divestment process of six of its substantial shareholders.

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