Business

Anticipated yuletide rally lifts capitalisation by N70 billion

Anticipation of year-end yuletide rally spurred transactions yesterday, as the equities market extended gains from the previous session, causing market capitalisation to rise further by N70 billion.

At the close of transactions yesterday on the Nigerian Exchange Limited (NGX), the market capitalisation of listed equities appreciated by 0.18 per cent to N39.218 trillion from N39.148 trillion it closed on Friday. Also, the All Share Index increased by 128.17 basis points to 71669.91 points from 71541.74 points traded on Friday.

The upturn was impacted by price appreciation in large and medium capitalised stocks amongst which are: SFS Reits, Ecobank TransNational Incorporated (ETI), MTN Nigeria, Flourmills, UACN, BUA Cement, Zenith Bank, Fidson and Mansard.

On the price movement chart, SFS Reits led the gainers’ chart, adding 9.98 per cent to close at N101.35 kobo while ETI followed with a gain of 9.88 per cent to close at N22.80 kobo.

Capital gained 9.84 per cent to close at 67 kobo, SCOA Plc added 9.63 per cent to close at N1.48 kobo, Infinity Savings gained 9.60 per cent to close at N1.94 kobo. UPL appreciated by 8.94 per cent to close at N2.56 kobo. Regency Alliance garnered 8.82 per cent to close at 37 kobo. Mansard also rose by 6.05 per cent to close at N4.56 kobo.

On the contrary, RTBriscoe topped the losers’ chart, declining 9.68 per cent to close at 56 kobo. NSLTech and NEM Insurance trailed with a loss of 9.33 per cent to close at 68 kobo and N5.35 kobo. Northern Nigeria Flour Mills fell by 8.44 per cent to close at N35.25 kobo.

UPDC REIT dipped by eight per cent to close at N4.60 kobo. Mecure depreciated by 7.69 per cent to close at N12. Caverton shed 5.63 per cent to close at N1.51 kobo. Daar Comm also lost 5.56 per cent to close at 34 kobo.

However, volume of shares traded declined by 128.519 million, representing 25.50 per cent as investors traded 375.321 million shares valued at N3.853 billion in 7011 deals against 503.840 million shares cost N7.208 billion in 5747 deals.

Transactions in the shares of Veritas Kapital led market activities with 88.844 million shares valued at N31.863 million, Universal Insurance followed with an account of 44.389 million shares valued at N12.705 million.

AccessCorp traded 30.368 million shares worth N612.699 million, Fidelity Bank exchanged 23.716 million shares costing N216.153 million while United Bank for Africa sold a total of 12.869 million shares valued at N291.321 million.

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