Equities Market Recovers After Days Of Profit-taking, Appreciates by N467bn

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After a series of losses earlier in the week, the equities market recovered from profit-taking that has drained it, rebounding with a gain of N467 billion on renewed investor interest in Airtel Africa Plc and 14 others.

 

The market declined by N503.32 billion between Monday and Wednesday as investors’ profit-taking persisted in high-mid-capitalised companies listed on the Exchange.

 

However, the NGX All-Share Index (ASI) gained 813.29 basis points, or 0.84 percent, on Thursday to close at 98,156.71 basis points. Also, market capitalisation rose by N467 billion to close at N55.525 trillion.

 

The positive performance was driven by price appreciation in large and medium-capitalised stocks, including Airtel Africa, Nigerian Breweries, Sterling Financial Holdings Company, International Energy Insurance, and Fidelity Bank.

 

However, market breadth closed negative as 15 stocks gained relative to 24 losers. Guinea Insurance and Royal Exchange emerged as the highest price gainers, with 10 per cent each closing at 33 kobos and 55 kobos, respectively. Airtel Africa followed with a gain of 8.97 per cent, closing at N2,150.00 per share.

 

International Energy Insurance increased by 7.84 per cent to close at N1.65, while Prestige Assurance appreciated by 5.88 per cent to close at 54 kobo, per share.

 

Conversely, Eterna led the losers’ chart with 9.89 per cent to close at N12.30 per share. FCMB Group followed with a decline of 8.28 per cent to close at N6.65, while Omatek Ventures shed 6.94 per cent to close at 67 kobo per share.

 

Unity Bank depreciated by 5.88 per cent to close at N1.60, while FBN Holdings (FBNH) was down by 5.36 per cent to close at N22.95 per share.

 

The total volume traded rose by 15.25 per cent to 409.766 million units, valued at N8.925 billion, and exchanged in 7,296 deals. Transactions in the shares of Custodian Investment led the activity with 115.584 million shares worth N1.384 billion. Nigerian Breweries followed with 83.747 million shares valued at N1.926 billion, while United Bank for Africa (UBA) traded 26.064 million shares valued at N560.540 million.

 

Access Holdings traded 24,183 million shares worth N409.798 million, while Guaranty Trust Holding Company (GTCO) traded 22.93 million shares worth N946.859 million.

 

 

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