Equity Investors See Large Gain, Market Cap Beats N25trn

Equity Investors See Large Gain, Market Cap Beats N25trn

It is was a bull market today at the local bourse as equity investors see large gains that catapult market valuation above N25 trillion, according to trading data obtained from the Nigerian Exchange (NGX).

Following the monetary authority decision to hold key rates, local bourse sees large buying interest in Telecom and banking stocks with strong dividend payment history – ahead of dividend declaration.

According to data from the Nigerian Exchange, the gain recorded on Wednesday follows the price appreciation in AIRTELAFRI, ETI, UCAP, among 15 others.

As a result, the Nigerian Exchange All-Share Index inched higher by 590.48 basis points, representing an increase of 1.29 per cent to close at 46,529.99 points. Lagos bourse equity capitalisation advanced by ₦318.18 billion to close at ₦25.07 trillion.

In the same vein, the market activities were positive as the total volume and value traded rose by 32.83 per cent and 34.66 per cent, respectively. Approximately 329.00 million units valued at ₦4.82 billion were transacted in 4,219 deals, according to Atlass Portfolios Limited.

MULTIVERSE led the most traded stock in terms of volume, accounting for 17.53 per cent of the total volume of trades, followed closely by MBENEFIT (14.69%), GTCO (11.19%), CHAMS (6.72%) and NB (4.07%) to complete the top five on the volume chart.

Read: Stock Market Sustained Positive Momentum Lifts All-Share Index

Meanwhile, MTN Nigeria emerged as the most traded stock in value terms, with 20.66 per cent of the total value of trades on the exchange. Airtel Africa Plc share (Ticker: AIRTELAFRI) appeared the best gainer, leading the advancers’ chart with allowable maximum price appreciation of 10.00 per cent.

The telecom giant trailed by ETI (9.55%), STERLNBANK (3.12%), HONYFLOUR (3.03%), UCAP (2.33%), UBA (1.23%), UBN (0.85%), ACCESS (0.52%), NB (0.11%) and ten (10) others. Also, nineteen (19) stocks depreciated in price, led by CADBURY with a price depreciation of 9.47 per cent to close at ₦8.60.

NEIMETH share price dipped 5.26%, BUACEMENT fell 4.76%, ETERNA lost 3.94%, DANGSUGAR dropped off 2.82%, STANBIC plunged by 2.23%, OANDO slide 1.05%, LIVESTOCK shed 0.94%, TRANSCORP depreciated 0.93% and SEPLAT bumped by 0.63%.

Despite the level of buying interest spotted today, the market breadth closed at par, recording 19 gainers and 19 losers.

Overall, the market sector performance was broadly negative, led by Industrial Goods (-1.89%), Insurance (-0.63%), Oil & Gas (-0.59%) and Consumer Goods (-0.39%).  However, the banking sector gained by 1.32% as against the previous session.

#Equity Investors See Large Gain, Market Cap Beats N25trn