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Okomuoil, Learn Africa others lead stock market’s N102 billion gain

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[FILES] Trading floor of the Nigerian Stock Exchange. PHOTO: FEMI ADEBESIN-KUTI

Gains by many blue-chip stocks, especially Okomuoil and Learn Africa, aided the Nigerian Exchange Limited (NGX) to reverse losses to close in an upbeat yesterday, causing market capitalisation to increase by N102 billion.
 
Specifically, at the close of transactions, the market capitalisation of listed equities increased by 0.50 per cent to N20.266 trillion from N20.164 trillion reported the previous day.
 
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The NSE All-Share Index (ASI) appreciated by 195.30 basis points to 38881.70 points from 38686.40 traded on Monday.
 
Investors traded 218.514 million shares valued at N1.590 billion in 3630 deals against 210.751 million shares worth N1.499 in 3958 deals.
 
Analysts at Afrinvest Research said: “In the coming trading session, we anticipate the domestic bourse would extend its positive performance driven by bargain hunting.”
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“ We expect the Nigerian market to trade in a similar pattern tomorrow, as investors continue to buy up attractive counters while taking profit on previous gainers.”
   
Further breakdown of yesterday’s transactions showed that Okomu Oil led gainers’ table, adding 10.00 per cent to close at N106.15 kobo. Learn Africa followed with a gain of 9.00 per cent to close at N1.09 kobo. Champion Breweries gained 4.71 per cent to close at N2.00 kobo.
 
Unilever Nigeria Plc also added 3.86 per cent to N12.10 kobo, Cornerstone Insurance increased by 3.57 per cent to 0.58 kobo.
 
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On the contrary, CWG recorded the highest loss, dropping 9.42 per cent to close at N1.25 kobo.  Regal Insurance trailed with a loss of 8.16 per cent to close at N0.45 kobo. Veritas Capital fell by 7.69 per cent to close at N0.24 kobo. FTN Cocoa dipped by 7.69 per cent to close at N0.36 kobo. Caverton also dropped by 5.26 per cent to N1.80 kobo.
 
On the activity chart, the result further showed that Courtville Business Solution recorded the highest volume of activities during the day, exchanging 35.816 million shares valued at N7.250 million. 
 
Fidelity Bank followed with 26.625 million shares worth N60.164 million, while Zenith Bank traded 15.251 million shares cost N349.317 million. Mansard Insurance sold a total of 13.868 million shares valued at N11.950 million while Veritas Kapital exchanged 12.822 million shares cost N3.357 million.

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