Equities market rises by N52bn

The equities market of the Nigerian Stock Exchange closed on Thursday on a positive note , to extend gains to sixth consecutive time.

Specifically, the market capitalization gained N52 billion, to close at N9.138 trillion from N9.086 trillion it closed on Wednesday.

The major market indicator, All Share Index appreciated by 0.57 per cent to close at 26,559.01 basis points, compared with the 1.29 per cent appreciation recorded on Wednesday, to leave its Year-to-Date (YTD) returns standing at -7.27 per cent.

Although majority of the indices closed lower, a relatively strong gain in the Banking Index that gained 3.12 per cent index was sufficient to bolster the benchmark index.

Banking stocks in the spotlight were GTBank, Zenith Bank and UBA .  On the other hand, the Oil & Gas Index dropped by 1.05 recorded the biggest loss in what suggests that the oil price induced rally on this counter is waning. Mobil Oil Nigeria suffered the biggest loss, with Total Nigeria and Forte Oil also depreciating.

Market breadth was positive, with 21 gainers versus 13 losers. Honeywell Flour recorded the highest price gain of 8.62 per cent, to close at N1.26 per share. ETI gained 4.99 per cent to close at N11.15, while NEM Insurance appreciated by 4.94 per cent to close at 85 kobo per share.

United Capital went up by 4.91 per cent to close at N2.78, while UBA appreciated by 4.85 per cent to close at N4.54 per share.

On the other hand, Mobil led the losers’ chart by five per cent, to close at N284.05 per share. Fidson shed 4.72 per cent to close at N1.21, while Oando declined by 4.67 per cent to close at N4.29 per share.

Total declined by 4.40 per cent to close at N277.13, while Caverton shed by 4.26 per cent to close at 90 kobo per share.

Market turnover however closed negative as volume declined by 2.64 per cent against 45.47 per cent decline recorded in the previous session.

United Bank for Africa Plc, First Bank Nigeria Holding Plc were the most active to boost market turnover, while Nigerian Breweries Plc and Zenith Bank Plc topped market value list.

Royalex led the list of active stocks that recorded impressive volume spike at the end of Thursday trading session.