Eterna, Japaul lead market’s N320 billion gain

Following modest gains recorded by many blue-chip stocks, especially Eterna and Japaul Gold and Ventures, transactions on the Nigerian Exchange Limited (NGX) sustained a rising profile yesterday, as market capitalisation increased by N320 billion.

At the close of transactions, the all-share index (ASI) rose by 592.85 points, representing an increase of 1.25 per cent to close at 48.138.71 points, while the overall market capitalisation value gained N320 billion to close at N25.95 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Airtel Africa, SEPLAT Energy, Guinness Nigeria, Dangote Cement and Okomu Oil.

GTI Securities Limited said: “Investors increased buying interest in three major sectors, led by the oil and gas, which grew by 2.98 per cent, lifted the NGX-ASI by 1.25 per cent. We expect the bullish run to persist in the coming trading days.”

Vetiva Dealing and Brokerage said: “Market witnessed an unexpected positive close in some counters that have been trading flat in recent sessions, while sustaining its profit-taking activities in the banking space. We anticipate a further mixed activity tomorrow as investors continue to cherry pick attractive counters across the board.”

Market sentiment, as measured by market breadth, was positive as 28 stocks gained, while 21 others constituted the losers’ chart. Eterna and Japaul Gold and Ventures recorded the highest price gain of 10 per cent each to close at N5.5 and 33 kobo respectively, while Guinness Nigeria followed with a gain of 9.96 per cent to close at N82.25 kobo.

Meyer Plc rose by 9.66 per cent to close at N1.93 kobo, while Wapic Insurance appreciated by 9.52 per cent to close at 46 kobo. On the other hand, Union Dicon Salt led the losers’ chart by 9.6 per cent to close at N8.95 kobo.

Computer Warehouse Group (CWG) followed with a decline of 9.28 per cent to close at 88 kobo, while John Holt depreciated by 8.97 per cent to close at 71 kobo.

Regency Alliance Insurance declined by 8.57 per cent to close at 32 kobo, while SUNU Assurance Nigeria depreciated by 8.33 per cent to close at 33 kobo.

Meanwhile, the total volume of trades declined by 4.35 per cent to 349.6 million units, valued at N3.7 billion, and exchanged in 4,587 deals. Transactions in the shares of Universal Insurance topped the activity chart with 73 million shares valued at N14.6 million.

Zenith Bank followed with 23.7 million shares worth N571.5 million, while Fidelity Bank traded 20.7 million shares valued at N79.9 million.

United Bank for Africa (UBA) traded 20.062 million shares valued at N160.5 million, while Mutual Benefits Assurance transacted 16.4 million shares worth N3.95 million.