By Bayo Olupohunda,Dave Ibemere
Copyright legit
Once again the Nigerian stock market improved in value as it gained N144 billion, pushing its value above N90 trillionThe rally was driven by strong performances from Guinness Nigeria, Eunisell, Regency Alliance, Thomas Wyatt, and McNicholsAccess Holdings, Zenith Bank, Fidelity Bank, Secure Electronic Technology, and Veritas Kapital were the most actively traded stocks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Equities Market closed higher on Thursday, September 19, crossing the N90 trillion value threshold.
Data obtained from the Nigerian Exchange (NGX) showed that the benchmark All-Share Index (ASI) increased by 0.16% or 226.84 points, rising to 142,263.07 from 142,036.23 the previous day.
While market capitalisation rose to N90.009 trillion from N89.865 trillion, booking investors N144 billion gain.
Market activities snapshot
At the end of trading, market breadth was positive with 30 gainers, 20 losers, and others unchanged in 22,779 deals.
Trading activity slowed compared with midweek, with 325.1 million equities worth N8.4 billion exchanged in 22,779 deals, down 67.49% in volume, 65.99% in value, and 2.16% in number of deals.
Despite the rebound, the financial services sector came under pressure, with the insurance index down 1.07% and the banking index falling 0.23%.
Meanwhile, consumer goods gained 0.75%, energy rose 0.28%, commodities added 0.16%, and industrial goods edged up 0.01%.
Top gainers
Guinness Nigeria Plc gained N16.00 to N176.00/share (+10.00%)
Eunisell Plc rose N2.75 to N30.55/share (+9.89%)
Regency Alliance Plc added N0.16 to N1.79/share (+9.82%)
Thomas Wyatt Plc advanced N0.24 to N2.69/share (+9.80%)
McNichols Plc increased N0.34 to N3.89/share (+9.58%)
Consolidated Hallmark Plc fell N0.33 to N4.02/share (−7.59%)The Initiates Plc dropped N0.97 to N12.00/share (−7.48%)Sovereign Trust Insurance Plc shed N0.19 to N2.87/share (−6.21%)Omatek Plc declined N0.06 to N1.10/share (−5.17%)Coronation Insurance Plc lost N0.14 to N3.20/share (−4.19%)
Most active trades
Access Holdings Plc: 37.2m shares worth N1.0bn in dealsZenith Bank Plc: 24.5m shares worth N1.6bn in dealsFidelity Bank Plc: 20.5m shares worth N426.0m in dealsSecure Electronic Technology Plc: 19.8m shares worth N16.0m in dealsVeritas Kapital Assurance Plc: 14.9bn shares worth N32.9m in deals
Sterling Holdings announces public offer
In a related development, Legit.ng reported that Sterling Financial Holdings Company Plc (Sterling HoldCo) the parent company of Sterling Bank has opened a public offer.
The bank said in a statement that it is offering 12.581 billion ordinary shares of 50 kobo each at N7 per share, amounting to about N88 billion.
According to the company, the offer is part of a strategic plan to strengthen the capital adequacy of Sterling Bank Limited, recapitalise SterlingFi Wealth Management, and fund the group’s expansion opportunities.
Source: Legit.ng
