Equities reverse losses as capitalisation rises by N18b

The equity market reversed losses to close in an upbeat yesterday, as market capitalisation appreciating by N18 billion.

Yesterday, market capitalisation of listed equities increased by 0.03 per cent to N55.570 trillion from N55.552 trillion reported the previous day.

The NGX All Share Index also appreciated by 31.74 basis points to 97255.72 points from 98223.97 points recorded on Wednesday.

Analysts at Afrinvest Research said:” Investors sentiments, as measured by market breadth improved to -0.01x from -0.06x in the prior session, as 22 stocks advanced, 23 declined. We anticipate a bearish performance in the final trading day of the week as market remains short of sustainable catalyst.

A breakdown of activities showed that Learn Africa led gainers table with 10 per cent to close at N3.30 kobo while Tantalizer followed with a gain of 7.69 per cent to close at 42 kobo, Mutual Benefits added 5.45 per cent to close at 58 kobo, GTCO increased by 5.26 per cent to close at N40. Oando Plc also garnered 4.90 per cent to close at N10.70 kobo.

On the contrary, PZ topped the losers chart, declining by 9.94 per cent to close at N30.80 kobo, Sovereign Trust Insurance trailed with a loss of 9.52 per cent to close at 38 kobo.

Honey Well Flour was down by 8.23 per cent to close at N3.01 kobo. Afriprudential declined by 5.54 per cent to close at N6.45 kobo. Jaiz Bank also dipped by 5 per cent to close at N2.28 kobo.

Volume of trades increased by 357.346 million, representing 111.99 per cent as investors traded 676.422 million shares valued at N16.664 billion in 8415 deals against 319.076 million shares worth N9.178 billion in 8121 deals.

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