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Interests in high cap stocks push capitalisation further by N25 billion

By Helen Oji
16 September 2021   |   3:00 am
The Nigerian equities market sustained its rising profile at the end of yesterday’s transactions, as more highly capitalised (high cap) stocks appreciated at price

[FILES] Nigerian Exchange Group (NGX). Photo/facebook/ngxgroup

The Nigerian equities market sustained its rising profile at the end of yesterday’s transactions, as more highly capitalised (high cap) stocks appreciated at price, resulting in a further rise in market capitalisation by N25 billion.

At the close of trading, yesterday on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) increased by 47.84 absolute points, representing a growth of 0.12 per cent to close at 38,968.34 points. Similarly, the market capitalisation gained N25 billion to close at N20.303 trillion.

The upturn was impacted by gains recorded in most large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), Northern Nigeria Flour Mills (NNFM), Oando, Guaranty Trust Holding Company (GTCO), and UACN Property Development Company (UPDC).

On market outlook, analysts at Afrinvest Limited said: “In the next trading session, we expect the bullish performance to be extended on the back of bargain hunting activities in the market.”

Vetiva Dealings and Brokerage said: “Market activity was lifted by renewed interest in some large-cap names while broader markets were still trading tepid. We expect the market to trade mixed as we anticipate a similar trading pattern to filter into tomorrow’s session.”

However, the market breadth closed negative, recording 18 losers as against 14 gainers. UPDC recorded the highest price gain of 9.64 per cent to close at N1.82 kobo.

Northern Nigeria FlourMills followed with a gain 9.59 per cent to close at N8.00 kobo. Oando appreciated by 6.21 per cent to close at N4.62 kobo.

Learn Africa went up by 5.88 per cent to close at N1.44 kobo while Honeywell Flour Mills also appreciated by 3.83 per cent to close at N4.07 kobo.

On the other hand, Transcorp Hotels led the losers’ chart with 10 per cent to close at N4.50 kobo. Consolidated Hallmark Insurance followed with a decline of 9.43 per cent to close at 48 kobo while Prestige Assurance shed 8.33 per cent to close at 44 kobo.

Champion Breweries shed 8.17 per cent to close at N1.91, while Lasaco Assurance depreciated by 7.69 per cent to close at N1.20, respectively.

The total volume traded declined by 38.1 per cent to 141.408 million shares, worth N2.973 billion, and traded in 3,079 deals.

Transactions in the shares of Universal Insurance topped the activity chart with 17.987 million shares valued at N3.597 million. Zenith Bank followed with 9.712 million shares worth N229.356 million, while United Capital traded 9.342 million shares valued at N76.221 million.

Transnational Corporation of Nigeria (Transcorp) traded 9.083 million shares valued at N8.286 million, while Access Bank transacted 9.024 million shares worth N83.788 million.