Eterna, Oando, Others Trigger Equities Market N45.91bn Rally
Eterna, basking in the euphoria of its acquisition by a new owner helped to power the equities market to N45.91 billion or 0.18 per cent growth Thursday, sustaining its positive trend in the week.
Eterna has just been acquired by Preline, a subsidiary of RainOil and, together with Berger Paints Plc, Oando Plc, Meyer plc and Skyway Aviation Handling Company Plc ended the day among the biggest gainers on the Nigerian Exchange Limited (NGX).
The gains of the NGX saw the All-Share Index (ASI) rose by 85.15 index points or 0.18 per cent to settle at 48,223.86 points up from 48,138.71 points recorded the previous trading session.
The NGX’s market capitalization, which collates the value of all listed companies currently stands at N25.997 trillion as against N25.952 trillion posted on Wednesday, with the index appreciating by N45.91 billion representing a 0.18 per cent growth.
The gains of the NGX were ensured by the rise in the stock value of large and medium firms. Amongst them are; Eterna Plc, Berger Paints Plc, Oando Plc, Meyer plc and Skyway Aviation Handling Company Plc.
The market turnover dipped 30 per cent owing to the sale of 244.694 million units of shares valued at N3.151 billion in 4,859 deals, lower than Wednesday when a total of 349.560 million units of shares were valued at N3.699 billion in 4,587 deals were traded.
The market breadth closed positive with nine stocks losing and 29 equities recording gains as against 21 declining equities and 28 gainers the previous day.
The losers’ table was led in percentage parameters by SCOA Plc, declining 9.77 per cent to close at N1.94 kobo per share.
ABC Transport Plc dipped 6.46 per cent to close at N0. 29 kobos per share, While Neimeth Pharmaceutical Plc lost 3.55 per cent to close at N1.36 kobo per share.
In the same vein, May and Baker Plc and AIICO Insurance Plc fell 2 .95 per cent and 1.45 per cent to close at N4. 27 kobo and N0.68 kobo per share respectively.
Conversely, Eterna Plc led the gainers’ table in percentage terms, as the Oil and Gas company rose 10 per cent to close at N6. 05 kobo per share.
Similarly, Berger Paints Plc also gained 10 per cent to close at N7. 70 kobo per share, while Oando Plc, jumped 9.90 per cent to close at N5. 33 kobo per share.
Also, Meyer plc and Skyway Aviation Handling Company Plc completed the NGX’s top five gainers chart, appreciating 9.84 per cent and 9.83 per cent to close at N2.12 kobo and N6.37 kobo per share respectively.
Analysis of the NGX market activity chart reveals that Custodian Investment Plc closed as the most active equity on the Nigerian Bourse, transacting a total of 38.70 million shares worth N255.4 million, while Nigerian Breweries was the most valuable company with 15.26 million units of shares valued at N733 million.
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