Conoil, Ecobank, and Others Drive Nigerian Equities Market to N14 Billion Growth

The equities market closed higher by N14 billion yesterday as investors continued their bargain-hunting activities in the market.

The All Share Index (ASI) gained 25.89 points, representing a growth of 0.05 per cent to close at 52,605.41 points. The market capitalization also gained N14 billion to close at N28.644 trillion.

The upturn was attributed to gains recorded in medium and large capitalised stocks, including Conoil, Ecobank Transnational Incorporated (ETI), Chemical & Allied Products (CAP), Champion Breweries, and United Capital. As measured by market breadth, the sentiment was positive, with 32 stocks gaining relative to 19 losers.

Conoil recorded the highest price gain of 10 per cent to close at N48.40 per share, while Multiverse Mining and Exploration followed with a gain of 9.97 per cent to close at N3.75. John Holt rose by 9.77 per cent to close at N1.91 per share, CWG went up by 9.66 per cent to close at N1.59, while Transnational Corporations (Transcorp) appreciated by 9.50 per cent to close at N1.96 per share.

On the other hand, Unity Bank led the losers’ chart by 9.26 per cent, to close at 49 kobo, per share. The total volume traded advanced by 25.34 per cent to 640.969 million units, valued at N7.133 billion and exchanged in 5,884 deals.

Transactions in the shares of Access Holdings topped the activity chart with 129.729 million shares valued at N1.482 billion. United Bank for Africa (UBA) followed with 91.113 million shares worth N728.472 million, while FBN Holdings (FBNH) traded 80.973 million shares valued at N969.538 million. Zenith Bank traded 42.751 million shares valued at N1.045 billion, while NEM Insurance sold 33.644 million shares worth N153.080 million.

Despite the recent decline in the equities market, the gains recorded yesterday indicate a positive turn in investor sentiment, with bargain hunters taking advantage of the current market situation. The performance of the equities market is crucial to the growth of the Nigerian economy, and analysts expect a sustained positive trend in the coming weeks.