Equities market extends positive trend by 1.08%

The Nigerian stock market closed the week on a positive note, gaining ₦997 billion or 1.08 per cent, thereby boosting investor portfolios.

Renewed investors interest in heavyweight stocks like UACN, Transcorp Hotel, Royal Exchange, Ikeja Hotel, Veritas Kapital and 31 advancing stocks drove the market to positive terrain.

The Nigerian Exchange Ltd. (NGX) market capitalisation rose from N92.725 trillion at opening to N93.722 trillion at Friday’s close.

Similarly, the All-Share Index (ASI) advanced by 1.08 per cent or 1,563.93 points, closing at 147,040.08 compared with 145,476.15 recorded on Thursday

While the year-to-date return increased to 42.86 per cent, the market breadth closed positive with 36 gainers and 16 losers.

On the gainers’ table, UACN led by 10 per cent, finishing at N96.80, Transcorp Hotel trailed by 9.71 per cent, closing at N172.80 and Royal Exchange grew by 8.89 per cent, settling at N1.96 per share.

Ikeja Hotel gained by 8.74 per cent, ending the session at N31.10 while Veritas Kapital Assurance increased by 8.07 per cent, closing at N1.74 per share.

Conversely, Union Dicon Salt led the losers’ table by 10 per cent, settling at N6.30, ABC Transport followed by 9.88 per cent, finishing at N3.10, while AXA Mansard dropped by 7.19 per cent, ending the session at N12.90 per share.

FTN Cocoa Processors fell by 4.62 per cent, closing at N4.75 and Guinea Insurance dipped by 3.36 per cent, finishing at N1.15 per share.

However, the market activity witnessed overall decline with 361.6 million shares worth N14.8 billion traded across 21,051 transactions.

This is in contrast with 1.9 billion shares valued at N19.2 billion that was exchanged across 23,369 deals.

Meanwhile, Zenith Bank closed with the highest volume and value, with 59.46 million shares traded, valued at N3.64 billion.