NSE reverses downward trend, up N14bn

at the domestic equities market closed positive on Thursday with the market capitalisation increasing by N14 billion due to buying interest in tier 1 banks.

The market capitalisation which opened at N20.286 trillion inched higher by N14 billion 0.07 per cent to close at N20.300 trillion.

Also, the All-Share Index grew by 25.80 points 0.07 per cent to close at 38,799.83 from 38,774.03 posted on Wednesday.

Accordingly, month-to-date and year-to-date losses moderated to 0.6 per cent and 3.7 per cent, respectively.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, , Guaranty Trust Bank, Oando and Access Bank.

Market breadth was positive with 13 stocks gainers against 12 losers.

Consolidated Hallmark Insurance dominated the gainers’ chart in percentage terms with a gain of 9.68 per cent to close at 34k per share.

Japaul Gold and Ventures followed with 9.43 per cent to close at 58k, while Oando was up by 5.16 per cent to close at N3.26 per share.

AIICO Insurance rose by five per cent to close at N1.26, while appreciated by 3.81 per cent to close at N21.80 per share.

Conversely, Royal led the laggards’ chart in percentage terms with 7.69 per cent to close at 36k per share.

Jaiz Bank followed with a loss of 6.06 per cent to close at 62k per share.

Honeywell Flour Mill shed 5.04 per cent to close at N1.13, while Daar Communications and Linkage Assurance depreciated by 4.76 per cent to close at 20k and 80k per share, respectively.

However, the total volume of trades decreased by 59.2 per cent as investors bought and sold 145.33 million shares valued at N1.58 billion in 3,525 deals.

This was in contrast with 356.46 million shares valued at N4.19 billion exchanged in 6,130 deals on Wednesday.

Transactions in the shares of FBN Holdings topped the activity chart with 21.85 million shares worth N157.18 million.

Guaranty Trust Bank followed with 20.50 million shares valued at N589.17 million, while traded 17.58 million shares worth N379.88 million.

Access Bank sold 8.59 million shares valued at N68.89 million, while Japaul Gold and Ventures transacted 7.58 million shares valued at N4.34 million. (NAN)