Geregu Power, Zenith Bank boost stock market as investors gain N980bn

The equity market rebounded to gain N980 billion on Wednesday, February 14, 2024, following investors improved buy interest in the stocks of Airtel Africa, Geregu Power, and Zenith Bank.

The market capitalisation gained N980 billion or 1.76 per cent to close at N56.632 trillion, as against N55.652 trillion posted on Tuesday.

As a result, the NGX All-Share Index rose by 1.76 per cent or 1,791 points to close at 103,498.28 points, compared to 101,707.70 recorded on Tuesday.

Also, the Year-To-Date (YTD) return rose to 38.42 per cent.

Analysis of the market activities indicated trade turnover settled higher relative to the previous session, with the value of transactions up by 181.51 per cent.

Similarly, 426.86 million shares valued at N12.11 billion were exchanged in 8,654 deals, as against 263.19 billion shares valued at N4.30 billion exchanged in 8,614 deals posted on Tuesday.

Market breadth closed positive, as 26 equities on the leader’s table outnumbered 25 others on the laggard’s.

Investors gain N1.15trn, thanks to Geregu Power, Dangote Cement, BUA Cement

Meanwhile, First Bank of Nigeria Holdings led the activity chart in volume with 54.61 million shares worth N1.48 billion, while United Bank of Africa (UBA) followed with 47.66 million shares worth N1.17 billion.

Access Holdings sold 46.05 million shares valued at N1.09 billion, while Transcorp traded 30.65 million shares worth N395 million.

Nigerian Breweries also transacted 25.49 million shares valued at N969 million.

On the gainers’ table, Airtel Africa and Unity Bank led in percentage terms of 10 each to close at N2,200 and N2.42 per share, respectively,

Juli Plc followed with a gain of 9.91 per cent to close at N1.22, while First Bank followed closely with a gain of 9.90 per cent to close at N27.20 per share.

Morison Industries rose by 9.82 per cent to close at N3.02 per share.

Conversely, NCR Nigeria Plc, Mecure Industries, and Thomas Wyatt Nigeria (Thomaswy) led the losers’ table in percentage terms of 10 each to close at N4.32, N9.72 and N2.25 per share, respectively.

Meyer Plc followed closely by 9.99 per cent to close at N6.22, while BUA Cement lost 9.91 per cent to close at N150 per share.

The Star