Equities market adds N180bn in market cap

Ayo AdemolaFebruary 23, 2023

1 minute read

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The Nigerian equities market on Thursday sustained its bullish run and added N180billion in market capitalisation driven by the share price appreciation of Geregu Power Plc and 27 others.

The All Share Index (ASI) rose by 330.85 basis points or 0.61 per cent to close at 54,646.38 points. Accordingly, investors gained N180 billion in value as market capitalisation went up to N29.769 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, BUA Foods, MRS Oil Nigeria, Nigerian Exchange Group and Nigerian Breweries.

Market breadth closed positive as 28 stocks posted gains while 10 declined. MRS Oil Nigeria recorded the highest price gain of 9.88 per cent to close at N27.80 per share. McNichols followed with a gain of 9.09 per cent to close at 60 kobo, while BUA Foods rose by 8.87 per cent to close at N81.00 per share.

Cornerstone Insurance went up by 8.33 per cent to close at 65 kobo, while Transcorp Hotels appreciated by 7.44 per cent to close at N6.50 per share.

On the other hand, The Initiates Plc (TIP) led the losers’ chart by 9.09 per cent to close at 40 kobo per share. Neimeth International Pharmaceuticals followed with a decline of 6.45 per cent to close at N1.45, while Consolidated Hallmark Insurance went down by 6.15 to close at 61 kob, per share.

Veritas Kapital Assurance lost 4.76 per cent to close at 20 kobo, while AIICO Insurance shed 1.67 per cent to close at 59 kobo per share.

The total volume traded decreased by 4.12 per cent to 124.561 million shares, worth N1.807 billion, and traded in 2,600 deals. Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 32.420 million shares valued at N272.124 million. Courteville Business Solutions followed with 15.976 million shares worth N7.639 million, while Zenith Bank traded 11.526 million shares valued at N292.131 million.

Guaranty Trust Holding Company (GTCO) traded 8.620 million shares valued at N217.946 million, while Chams Holding Company transacted 6.723 million shares worth N1.742 million.