Stock market records N425bn gain

The Nigerian stock market turned positive on Friday after a three-day downturn, ending the week with N425 billion gain for investors.

The gain was driven by renewed buying interest in stocks like Beta Glass, FTN Cocoa Processors, UPDC, Veritas Kapital Assurance, Sovereign Trust Insurance, and 46 others.

Market capitalisation rose by N425 billion, or 0.48 per cent, to close at N89.208 trillion, compared with N88.783 trillion on Thursday.

The All-Share Index (ASI) also soared by 0.48 per cent or 671.70 points, to settle at 141,004.14.

The market breadth also closed positive with 51 gainers and 13 losers.

Beta Glass led the gainers’ table by 10 per cent, closing at N449.35, while UPDC also soared by 10 per cent, finishing at N6.93 per share.

FTN Cocoa Processors rose by 10 per cent, settling at N6.60, and Veritas Kapital Assurance grew by 10 per cent, ending the session at N1.98 per share.

Sovereign Trust Insurance gained by 9.96 per cent, closing at N2.65 per share.

Naira trades N1,535/$ in official market

On the flip side, Thomas Wyatt Nigeria lost by 9.91 per cent, ending the session at N3, while McNichols dipped by 7.51 per cent, settling at N3.20 per share.

The Initiates Plc declined by 4.43 per cent, closing at N12.30, and E-Tranzact International shed by 3.98 per cent, finishing, settling at N10.85 per share.

NPF Microfinance Bank lost by 2.81 per cent, closing at N3.11 per share.

The market activity revealed an increase in the market volume, value and deals as 1.30 billion shares valued at N47.84 billion were traded across 25,916 transactions.

This is compared with the previous session’s 573.75 million shares valued at N12.88 billion that were exchanged across 25,881 deals.

Zenith Bank led the activity chart with 345.5 million shares worth 21.2 billion.

FCMB followed with 335.9 million shares valued at N3.5 billion, while AIICO Insurance traded 43.7 million shares worth N181.8 million.

Nigerian Breweries sold 43.26 million shares valued at N3.03 million, and WAPIC Insurance transacted 33.3 million shares worth N103.6 million.

The Star