Equity market opens week on positive note, gains N69bn

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Trading activities on the floor of Nigerian Stock Exchange resterday returned to bullish trend, gaining N69 billion following gain recorded by some capitalised companies.

Operators said that N2.75 kobi gain recorded by BUA Cement Plc which is third highly capitalised firm at the NSE added to positive performance of the market .

Specifically, Market Capitalisation of listed equities increased by 0.33 per cent to N20.892 trillion from N20.823 trillion it closed on Friday.

The NSE All Share Index appreciated by 131.74 basis points to 39931.63 points from 39799.89 reported the previous day.

Investors traded 543.986 million shares valued at N1.888 billion against 507.254 million shares cost N2.442 billion exchanged hands in 4673 deals.

Commenting on the appreciation of equities in the market, Managing Director, APT securities Funds Limited, Malam Garba Kurfi said that quoted companies financial scorecard released so far showed positive performance, adding that majority of results to be published this month expected to go in the same direction. He also explained that upward movement of the highly capilished stocks also affect the NSE market capitalisation, noting that N2.75 kobo gain recorded by BUACement plc and other stocks like UBA and Zenith Bank helped to outweigh loses in the market.

A review of the market showed that UAC of Nigeria PLC led gainers table, growing by 6.67 per cent or N0.50 kobo to close at N8.00, AIICO PLC followed with a gain of 5.22 per cent of N0.06 kobo to close at N1.21 kobo, Veritas Capital added 5.00 per cent or N0.01 kobo to close at N0.21 kobo, BUA Cement added 3.82 per cent or N2.75 kobo to close at N74.75 kobo, Neimeth increased by 2.73 per cent or N0.05 kobo to close at N1.88 kobo.

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