NGX: Equities market recovers as investors gain N310bn

The Nigerian equities market recovered from the previous day’s slump with a N310 billion gain for investors at the close of trading on Wednesday.

This followed a surge in the share prices of stocks Chellaram Plc, Austin Laz & Company, and The Initiates Place, among others, on the floor of the bourse.

The benchmark All-Share Index (ASI) increased to 142,036.23 points from 141,546.78 points recorded on the previous day.

After five hours of trading at the capital market, the equity capitalisation rose to N89.8 trillion from N89.5 trillion posted by the bourse on Tuesday.

The market breadth was negative with 23 stocks advancing, 27 stocks declining, and 97 stocks remaining unchanged in 23,281 deals.

Chellaram Plc, Austin Laz & Company, and The Initiates Place led other gainers with 9.77%, 9.67% and 8.08% growth each in share price to close at N14.60, N2.95, and N12.97 from the previous N13.30, N2.69, and N12.00 per share.

Guinea Insurance, Cornerstone Insurance Plc, and Legend Internet led other price decliners with a 9.70% 8.68%, and 7.27% dip in share price to close at N1.49, N6.52, and N5.10 per share, down from the previous N1.65, N7.14, and N5.50 per share.

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On the volume index, Abbey Mortgage Bank Plc led trading with 401 million shares in 47 deals, followed by Fidelity Bank Plc, which traded 254 million shares in 509 deals.

United Bank for Africa Plc traded 23 million shares in 1,344 deals.

On the value index, Aradel Holding traded stocks valued at N6.8 billion in 858 deals, followed by Fidelity Bank Plc, which traded equities worth N5.2 billion in 254 deals.

Abbey Mortgage Bank Plc traded shares valued at N2.7 billion in 254 deals.

Babajide Okeowo

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