BUSINESS

Equities Market Advances By N271bn As Market Cap Up N29.411tr

The equities market on Thursday advanced by N271 billion, as investors continue to digit a flurry of full year corporate earnings released on the Nigerian Exchange Limited (NGX).

The All Share Index (ASI) rose by 498.44 basis points or 0.93 per cent to close at 53,998.12 points. Accordingly, investors gained N271 billion in value as market capitalisation went up to N29.411 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks.

Also, market breadth closed positive as 27 stocks posted gains while 13 declined. MRS Oil Nigeria recorded the highest price gain of 10 per cent to close at N17.60 per share.

Northern Nigeria Flour Mills (NNFM) followed with a gain of 9.88 per cent to close at N8.90, while International Energy Insurance went up by 9.76 per cent to close at 90 kobo per share.

Seplat Energy went up by 9.50 per cent to close at N1,325, while Cornerstone Insurance appreciated by 9.09 per cent to close at 60 kobo per share.

On the other hand, SUNU Assurance led the losers’ chart by 8.11 per cent to close at 34 kobo per share. Mutual Benefits Assurance followed with a decline of 7.69 per cent to close at 36 kobo, while Linkage Assurance went down by 6.25 to close at 45 kobo per share.

Veritas Kapital Assurance lost 4.76 per cent to close at 20 kobo, while PZ Cussons Nigeria shed 4.65 per cent to close at N10.25 per share.

The total volume traded increased by 1,331.88 per cent to 2.869 billion shares, worth N8.070 billion, and traded in 3,940 deals.

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Transactions in the shares of Universal Insurance topped the activity chart with 2.716 billion shares valued at N543.209 million.

AIICO Insurance followed with 13.996 million shares worth N9.168 million, while Guaranty Trust Holding Company (GTCO) traded 13.931 million shares valued at N349.868 million.

Sterling Bank traded 10.245 million shares valued at N17.024 million, while Fidelity Bank transacted 9.881 million shares worth N57.489 million.

Analysts at GTI Securities Limited said “we expect positive sentiment to be sustained as investors continue to pile into defensive and financial stocks.”

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