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Learn Africa, Morison others lead NGX N1 billion gain

By Helen Oji
16 February 2022   |   2:43 am
Following gains recorded by many blue-chip stocks, especially Learn Africa and Morison, the equities market reversed losses, to close in an upbeat yesterday, as market capitalisation

[FILES] Equities

Following gains recorded by many blue-chip stocks, especially Learn Africa and Morison, the equities market reversed losses, to close in an upbeat yesterday, as market capitalisation increased by N1 billion.

However, the volume of shares traded on the Nigerian Exchange (NGX) declined by 18.87 per cent, as investors exchanged 274.206 million shares valued at N3.817 billion in 5,331 deals, lower than 338.025 million units
worth N5.675 billion recorded in 5, 619 deals on Monday.

Specifically, at the close of trading, yesterday, the market capitalisation of listed equities increased by N1 billion to N25.361 trillion from N25.360 trillion traded on Monday.

Similarly, the All Share Index (ASI) also appreciated by 1.54 basis points or 0.004 per cent from 47063.28 points to 47064.82 points.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Flour Mills of Nigeria, NASCON Allied Industries (NASCON), MTN Nigeria Communications (MTNN), BUA Foods and NEM Insurance.

Analysts at GTI Securities Limited said: “The two days of negative closes were reversed today as bargain hunters returned to the market to drive buying pressure. We expect positive sentiments to persist as investors continue to take positions on stocks in anticipation of financial disclosures.”

Also, analysts at Vetiva Dealings and Brokerage believe that: “Vetiva Dealings and Brokerage said: “Today’s sectoral performance was mixed with the banking sector pulling the index down the most as investors took profit. We expect a tepid session tomorrow, with bargain-hunting activities across the board. “

On the price movement chart, 28 companies recorded price appreciation while 21 firms constituted the losers’ chart. Learn Africa led gainers’ chart, adding 9.70 per cent to close at N1.81 kobo.

Morison followed with a gain of 9.55 per cent to close at N2.18 kobo. Veritas Kapital Plc garnered 9.52 per cent to close at 23 kobo.

RTBriscoe added 9.52 per cent to close at 46 kobo. National Salt Company of Nigeria gained 9.43 per cent to close at N14.50 kobo.

NEM added 8.36 per cent to close at N3.89 kobo while First City Monument Bank gained 5.03 per cent to close at N3.13 kobo.

Multiverse increased by 5.00 per cent to close at 21 kobo. Flourmills appreciated by 4.93 per cent to close at N35.10 kobo. Cutix also appreciated by 4.76 per cent to close at N2.42 kobo.

On the contrary, Berger Paint recorded the highest loss, declining by 9.58 per cent to close at N7.55 kobo while Chi Plc trailed with a loss of 4.62 per cent to close at 62 kobo.

Jaiz Bank dipped by 4.29 per cent to close at 67 kobo. International Breweries depreciated by 2.86 per cent to close at N5.10 kobo. Ecobank TransNational Incorporated dropped 2.80 per cent to close at N12.15 kobo.

Japauloil shed 2.78 per cent to close at 35 kobo. Guinness depreciated by 2.33 per cent to close at N66.

United Bank for Africa declined by 2.30 per cent to close at N8.50 kobo. Linkage Assurance lost 1.96 per cent to close at 50 kobo. Stanbic IBTC also dropped 1.88 per cent to close at N33.90 kobo.

On the activity chart, Access Bank was the most active stock during the day, exchanging 55.397 million shares valued at N576.538 million.

Guinness Nigeria Plc followed with an account of 16.710 million shares worth N116.271 million, Japaul Gold and Ventures traded 14.013 million shares worth N5.105 million.

Sterling Bank traded 13.255 million shares valued at N22.559 million while Etranzact exchanged 13.074 million shares valued at N26.150 million.