Nigeria: Equities Reverse Loss, Gain N343bn

11 September 2024
Leadership (Abuja)
By Olushola Bello

Nigerian equities yesterday delivered a positive performance and rebounded from a previous bearish session as the overall capitalization rose by N343 billion, driven by a rally in MTN Nigeria Communications (MTNN) Plc and 29 others.

The All-Share Index (ASI) rose by 596.59 points, representing a gain of 0.62 per cent to close at 96,802.80 points. Also, market capitalisation gained N343 billion to close at N55.626 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications, Eterna, Custodian Investment, NASCON Allied Industries and United Capital.

As measured by market breadth, market sentiment closed positive, as 30 stocks gained relative to 19 losers. R.T. Briscoe Nigeria emerged the highest price gainer of 9.93 per cent to close at N3.10, per share. Caverton Offshore Support Group followed with a gain of 9.77 per cent to close at N1.91, while McNichols advanced by 8.89 per cent to close at N1.47, per share.

Custodian Investment rose by 8.87 per cent to close at N13.50, while Omatek Ventures appreciated by 8.82 per cent to close at 74 kobo, per share.

On the other side, Learn Africa led others on the losers' chart with 9.69 per cent to close at N3.73, per share. The Initiates Plc (TIP) followed with a decline of 6.77 per cent to close at N1.79, while Japaul Gold & Ventures shed 6.67 per cent to close at N2.52, per share.

AIICO Insurance lost 4.39 per cent to close at N1.09, while Neimeth International Pharmaceuticals depreciated by 4.29 per cent to close at N2.01, per share.

Also, the total volume traded fell by 48.3 per cent to 406.19 million units, valued at N13.313 billion, and exchanged in 12,241 deals. Transactions in the shares of Oando led the activity with 58.486 million shares worth N5.521 billion. Access Holdings followed with 30.379 million shares valued at N557.655 million, while Japaul Gold & Ventures traded 28.827 million shares valued at N35.942 million.

FBN Holdings (FBNH) traded 20.883 million shares worth N861.487 million, while United Bank for Africa (UBA) traded 19.992 million shares worth N786.587 million.

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