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Bulls Tighten Grip On Equities Market, Gains N87bn



The Nigerian equities market yesterday extended positive trading with N87 billion gain, following sustained interest in Okomu Oil and 30 other stocks.

Precisely, the All-Share Index inched higher by 162.28 absolute points, representing an increase of 0.34 per cent  to close at 47,367.31 points. While the overall market capitalisation value gained N87 billion to close at N25.536 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Guaranty Trust Holding Company (GTCO), Julius Berger  and Nigerian Breweries.

On market outlook, analysts at GTI Securities Limited said “Equity market continued its bullish trend as bargain hunting in large and medium capitalised stocks prevailed. We expect this bargain hunting to propel the market’s positive sentiment for the rest of the week,” he stressed.

Market sentiment, as measured by market breadth was positive as 31 stocks gained, relative to 16 losers.  MEYER Plc recorded the highest price gain of 9.56 per cent  to close at N1.49, per share. Ikeja Hotel followed with a gain 9.24 per cent to close at N1.30, while Caverton Offshore Support Group rose by 6.78 per cent to close at N1.26, per share.

Union Bank of Nigeria (UBN) rose by 6.56 per cent to close at N6.50,  while Japaul Gold and Ventures and FTN Cocoa processors appreciated by 6.45 per cent each to close at 33 kobo each, per share.

On the other hand, SUNU Assurance  led the losers’ chart by 7.69 per cent to close at 36 kobo, per share. Sterling Bank followed with a decline of six per cent to close at N1.41, while Unilever Nigeria depreciated by 4.51 per cent  to close at N12.70, per share.

Wapic Insurance declined by 4.44 per cent to close at 43 kobo, while United Capital depreciated by 3.97 per cent to close at N13.30, per share.

The total volume of trades advanced by 59.7 per cent to 391.889 million units, valued at N9.952 billion, and exchanged in 5,419 deals. Transactions in the shares of GTCO topped the activity chart with 65.886 million shares valued at N1.617 billion.

Zenith Bank followed with 43.915 million shares worth N1.102 billion, while United Bank for Africa (UBA) traded 28.917 million shares valued at N235.707 million.

Fidelity Bank traded 28.500 million shares valued at N106.479 million, while MTNN transacted 22.751 million shares worth N4.828 billion.

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