Nigeria’s stock market recovers as investors gain N240bn

Investors in the Nigerian equities market gained N240 billion at the close of trading on Thursday.

This followed a surge in the share prices of stocks like ABBEY MORTGAGE BANK, NIGERAN BREWERIES and ABC TRANSPORT, amongst others, on the trading floor.

After five hours of trading at the capital market, the equity capitalization rose to ₦65.4 trillion from ₦65.2 trillion posted by the bourse on Wednesday.

The benchmark All-Share Index (ASI) increased to 104,233.81 points from 103,851.88 points recorded the previous day.

The market breadth was negative as 21 stocks advanced, 24 stocks declined, and 77 stocks remained unchanged in 11,204 deals.

ABBEY MORTGAGE BANK, NIGERIAN BREWERIES, and ABC TRANSPORT led other gainers with 9.94%, 9.86%, and 9.23% growth each in price to close at N8.96, N36.20 and N1.42 from the previous N8.15, N32.95 and N1.30 per share.

READ ALSO: NGX: Equities market makes marginal recovery as investors pocket N31bn

SUNU ASSURANCE, ELLAH LAKES, and CORNERST led other price decliners with 9.91%, 9.76%, and 9.44% decline each in share prices to close at N5.00, N3.05, and N2.59 from the previous N5.55, N3.38, and N2.86 per share.

On the volume index, UNIVERSAL INSURANCE led trading with 89 million shares in 127 deals, followed by FIDELITY BANK, which traded 49 million shares in 456 deals.

ACCESS CORP traded 32 million shares in 974 deals.

On the value index, MTNN traded stocks worth N1.4 billion in 380 deals, followed by FIDELITY BANK, which traded equities worth N915 million in 456 deals.

ACCESS CORP traded shares valued at N715 million in 974 deals.

By: Babajide Okeowo

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