Equities market inches up by 0.08% as investors gain N7.7bn

The Equities market today reversed the negative trend of prior trading sessions as lead indicator- the Nigerian Stock Exchange (NSE) All-Share Index inched up by 0.08 per cent to close at 28,031.90 basis points from 28,009.40 basis points it opened.

Consequently, investors on the equities market gained N7.7 billion as market capitalization closed at N9.628 trillion compared to N9.621 trillion it closed on Wednesday.

Sector performance, as measured by the NSE indices, showed that only the NSE Consumer Goods Index  rose by 0.41 per cent to close at 745.07 basis points from 742.03 basis points, while the NSE Insurance Index, NSE Banking Index and NSE Oil/Gas Index all dropped by  0.44per cent, 0.28per cent and 0.09per cent in that respective order.

Dangote Cement and Forte Oil appreciated by N1.99 and N1.4 respectively to close at N183 and N159.9 per share respectively.

Capital market analysts observed that the marginal gains recorded in the Equities Market today was due to the 1.10per cent price gain on Dangote Cement as well as bargain hunting activities on some Consumer Goods Sector stocks during the day’s trading session.

Investor sentiment remained negative as market breadth closed with 20 price gainers and 23 losers.

Conoil Plc led the day’s gainers with an appreciation of 8.79 per cent or N2.90kobo to close at N35.90kobo per share.

This was followed by 7up Plc that added 8.37 percent or N12.20kobo to close at N158 per share.

Flourmill Plc grew by 4.99 per cent or N1 to close at N21.05 per share, as Caverton Plc improved by 4.69 per cent or 3 kobo to close at 67 kobo per share, while Union Bank of Nigeria appreciated 3.86 per cent or 17 kobo to close at N4.57 per share.

On the other hand, Lafarge Africa Plc led the list of declining stocks as it fell by 9.49 per cent or N5.20 to close at N49.60 per share, Ashaka Cement Plc followed with a decline of 7.62 percent or N1.24kobo to close at N15.03kobo per share.

Oando Plc dropped by five per cent or 28 kobo to close at N5.32kobo per share, while Continental Reinsurance Plc decreased by 4.76 per cent or 5 kobo to close at N1 per share while Cutix Plc recorded a depreciation of 4.69 per cent or 10 kobo to close at N2.03 per share.

Market activity as measured by volume and value traded in 3,366 deals, settled at  348.8 million units and N2.645 billion respectively in contrast to 187.2 million units and N1.5 billion traded previously.

Trading in the top-three equities were Access Bank Plc with the sale of 77.1 million shares worth N416.6 million. Fidelity Bank Plc came second following the sale of 42.4 million units of shares valued at N39.7 million and Custodian and Allied Insurance Plc sold 36.0 million units worth N145.9 million.

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