Presco, Others Influence Rally For Stock Market’s N72bn Lift
Stocks of Presco, Linkage Assurance amongst others influenced the return of the Nigerian Equities market to bullish on Wednesday after a two-day bearish trend on the floor of the Nigerian Exchange Limited (NGX).
The firms pushed the market capitalization which represents the total value of all listed equities on the Nigerian bourse to N72 billion or 0.28 per cent, closing at N25.485 trillion on Wednesdays up from N25.413 trillion of the previous trading session.
PharmDeko Plc, Royal Exchange Plc and RTBriscoe are also among the major climbers that enabled the market index to jump by 0.28 per cent.
The All-Share Index (ASI) gained 0.28 per cent or 132.74 index points to close at 47,287.09 points up from 47,154.35 points.
The gainers’ table was led in percentage terms by Presco Plc, rising 10 per cent to close at N114. 95 kobo per share. PharmDeko Plc and Linkage Assurance Plc followed with 9.89 per cent and 9.80 gain to close at N2 and 56 kobo per share respectively.
Also, the stocks of Royal Exchange Plc jumped 9.63 per cent to close at N1.48 kobo per share, while RTBriscoe Plc rose 8.93 per cent to close at 61 kobo per share.
The market turnover declined by 55.4 per cent, as investors bought and sold a total of 336.30 million units of shares worth N5.86 billion in 5,248 deals compared to a total of 754,933,491 units of shares valued at N3.637 billion in 4,330 deals trader on Tuesday.
The market breadth returned positive with 30 gainers and twelve laggards as against 27 decliners compared to 17 stocks that recorded appreciations on Tuesday.
On the flip side, the losers’ table was dominated in percentage terms by Ellah Lakes Plc, declining 9.92 per cent to close at N3.45 kobo per share.
Likewise, May and Baker Plc dipped 9.91 per cent to close at N4. 91 kobo per share, while Neimeth pharmaceuticals Plc lost 9.34 per cent to close at N1. 65 kobo per share.
In the same vein, Niger Insurance Plc fell by 8.70 per cent to close at 21 kobo per share, while Cutix Plc declined by 7.26 per cent to close at N2.30 kobo per share.
FBN Holdings Plc led the NGX market activity chart in terms of volume shares traded, as the bank traded a total of 108.61 million units of shares valued at N1.24 billion, while Guaranty Trust Holdings company (GTCO) closed as the most valuable equity at N1.42 billion.
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