Equities market halts bears as investors gain N216bn

Halting its three-day downbeat performance, the Nigerian stock market, on Thursday, gained N216 billion, inspired by bargain-hunting activities in Guinness Nigeria Plc and 34 others.

The All-Share Index rose by 344.24 per cent, representing an increase of 0.32 per cent to close at 106,780.72 points. Similarly, the overall market capitalisation value gained N216 billion to close at N66.869 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Guinness Nigeria, Transnational Corporation (Transcorp), Africa Prudential, Dangote Sugar Refinery and First HoldCo.

As measured by market breadth, market sentiment was positive, as 35 stocks gained while 15 stocks lost. Transcorp and SCOA Nigeria recorded the highest price gain of 9.98 per cent to close at N51.80, per share. SCOA Nigeria followed with a gain of 9.88 per cent to close at N3.78 and Africa Prudential up by 9.87 per cent to close at N30.60, per share.

Tantalizers rose by 9.72 per cent to close at N2.37, while Caverton Offshore Support Group appreciated by 9.52 per cent to close at N2.76, per share. On the other hand, SUNU Assurance, MRS Oil Nigeria and Red Star Express led the losers’ chart by 10 per cent each to close at N4.77, N166.50 and N5.94 respectively, per share.

Lasaco Assurance followed with a decline of 7.99 per cent to close at N2.65, while UPDC lost 6.76 per cent to close at N2.62, per share.

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The total volume traded declined by 5.9 per cent to 375.725 million units, valued at N10.185 billion, and exchanged in 11,447 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) topped the activity chart with 49.946 million shares valued at N2.913 billion. Access Holdings followed with 43.866 million shares worth N1.033 billion, while Zenith Bank traded 36.511 million shares valued at N1.727 billion.

Fidelity Bank traded 27.105 million shares valued at N468.652 million, while United Bank for Africa (UBA) transacted 19.437 million shares worth N705.132 million.