2 months ago
18 ARTICLE AD
The Nigerian equity market continued its seesaw movement on Thursday, as it rebounded from the previous day’s loss with a N178bn gain.
The recovery was propelled by appreciation by FBN Holdings and Flour Mills Nigeria.
The All-share index and market capitalisation were up by 0.32 per cent to 97,025.17 and N55.8tn, respectively.
A total of 390,546,861 shares worth N7.97bn were traded in 9,615 deals, representing a 35 per cent decline in trading volume and a 9 per cent drop in turnover compared to the previous trading day.
FBN Holdings and Caverton Offshore Support Group led 25 other gainers, appreciating by 10 per cent, followed by Flour Mills Nigeria and RT Briscoe, which rose by 9.99 per cent and 9.93 per cent, respectively.
On the flip side, Daar Communications topped 21 other laggards, with an 8.86 per cent drop, closing at N0.72 per share.
It was followed by Eterna (-8.14 per cent), Universal Insurance Company (-7.69 per cent), and Sovereign Trust Insurance (-5.97 per cent).
Access Holdings led in trading volume with 80 million shares, followed by FBN Holdings with 52 million shares, United Bank for Africa with 31.1 million shares, and Caverton Offshore Support Group with 23.7 million shares.
Performance across sectors was bullish, with three indices gaining, two declining, and the industrial goods index remaining unchanged.
The banking and consumer goods indices appreciated by 1.5 per cent and 0.5 per cent, respectively, driven by price increases in FBN Holdings (10.0 per cent), Access Holdings Plc (1.6 per cent), Nestle (9.9 per cent), and Flourmill (9.9 per cent).
Conversely, the insurance and oil & gas indices declined by 0.4 per cent and 0.6 per cent, respectively, due to losses in Universal Insurance Company (-7.7 per cent).
Analysts at Afrinvest projected that the market would maintain its positive trajectory tomorrow, barring any negative shocks.
“Tomorrow, we expect the market to sustain the positive performance in the absence of negative shocks.”
