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Equities market closes positive with N23bn gain

July 30, 2020973 views0 comments

 

Businessamlive - Pessimism persists on stocks despite passing of N10.8 trn revised budget

By Omobayo Azeez

The Nigerian equities market closed on a positive note with a gain of N23 billion on Wednesday, the last trading day of the week, following gains recorded by 18 quoted firms.

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The key performance indices, NSE All-Share Index (ASI) and market capitalisation, appreciated by 0.18 per cent with market breadth closing positive with 18 gainers as against 14 losers.

Consequently, the All-Share Index appreciated by basis points or 43.57 per cent to close at 24,693.73 index points as against 24.650.16 basis points recorded the previous trading session.

Market capitalisation of equities grew by N23 billion from N12.858 trillion the previous day to N12.881 trillion as market sentiment returned to the positive territory.

Meanwhile, a turnover of 101.58 million shares exchanged in 3,685 deals was recorded in the day’s trading relative to 150.399 million shares valued at N1.978 billion that exchanged hands in 3,780 deals the previous session.

Meanwhile, the premium sub-sector was the most active, measured by turnover volume, with 31.37 million shares exchanged by investors in 1,224 deals. Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and FBNH Plc.

Also, the banking sub-sector boosted by the activities in the shares of GTBank Plc and Ecobank Plc followed with a turnover of 28.22 million shares in 775 deals.

Further analysis of the day’s trading showed that in percentage terms, Cornerstone Insurance Plc and Seplat Petroleum Development Company Plc topped the day’s gainers’ table with 10 per cent each to close at 55 kobo and N310.20 per share, respectively.

Prestige Assurance Plc followed with 8.70 per cent to close at 50 kobo per share. PZ Cussons Plc added 5.13 per cent to close at N4.10 per share.

Conversely, NPF MFB Plc led the losers’ with a drop of 9.92 per cent to close at N1.18 per share. ARBICO Nigeria Plc shed 9.74 per cent to close at N1.39 per share while Studio Press Plc trailed with 9.55 per cent to close at N1.80 per share.

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