BUSINESS
Equities recoup losses, record N344bn gain
Investors in the Nigerian equities market gained N344 billion on Monday as the market recovered from losses recorded in the previous trading session.
The recovery was driven by renewed investors’ interest in University Press, Critical Minerals Financing Corp., ABC Transport, Eterna, Sovereign Trust Insurance and 28 other advancing equities.
Consequently, market capitalisation rose to N163.999 trillion from N163.655 trillion recorded on Friday, representing a gain of N344 billion or 0.21 per cent.
Similarly, the All-Share Index advanced by 521.70 points, or 0.21 per cent, to 252,635.11 from 252,113.41 recorded on Friday.
As a result, the market’s year-to-date return improved to 62.35 per cent.
Similarly, the market breadth closed positively, recording 33 gainers against 24 losers.
University Press led the gainers’ chart by 9.89 per cent, closing at N5, Critical Minerals Financing trailed by 9.82 per cent, finishing at N3.58 while ABC Transport rose by 9.80 per cent, settling at N5.60 per share.
Eterna advanced by 9.62 per cent, ending the session at N42.75 and Sovereign Trust Insurance climbed by 9.17 per cent, closing at N2.62 per share.
Conversely, Fortis Global Insurance topped the losers’ chart by 9.50 per cent, settling at N1.81, Trans-Nationwide Express followed by 8.47 per cent, finishing at N2.70 and FG162029S1 dipped by 6.67 per cent, closing at N70 per share.
Also, RT Briscoe shed by 6.07 per cent, finishing at N10.05 while WAPIC dropped by 4.74 per cent, ending the session at N2.21 per share.
Meanwhile, market activity gained momentum as trading volume rose to 1.01 billion shares, valued at N39.02 billion, exchanged in 61,517 transactions.
Fidelity Bank led trading volume and value with 528 million shares worth N10.63 billion, accounting for 51.52 per cent of total volume and 26.88 per cent of the day’s value.
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