Equities market extends 8 day gaining streak by N47bn as UBA drives 95% volume

 

THE equities market closed Tuesday upward as the bourse inched up by N47 billion on improved optimism.
The market capitalization and index closed higher at N11.524 trillion and 33,436..61 points respectively.
The bulls regain dominance from the bears as market breadth closed with 25 gainers against 20 losers.
Honeywell Flour Mills Plc recorded the highest gain of 8.29 percent from N1.81 kobo it opened to close at N1.96 kobo per share. It was followed by Union Bank of Nigeria Plc with 5.00 percent gain from N5.40 kobo to end at N5.67 kobo per share, while Julius Berger Nigeria Plc appreciated by 4.99 percent, from N32.67 kobo to close at N34.30 kobo per share.
On the losers chart, May & Baker Plc led with -5.02 percent from N2.79 kobo to close the day at N2.65 percent. Axamansard Insurance Plc declined in price by -4.93 percent, from N2.24 kobo per share to N2.12 kobo, while Custodian Insurance Plc dropped -4.76 percent to close at N3.40 kobo from N3.57 kobo per share.
However, market activities experienced a massive turnover at the end of day’s trading session as volume and values of trades advanced by 664.59 percent and 690 percent respectively. The massive increase recorded in volume and value was as a result of United Bank for Africa (UBA) cancellation of staff share investment trust scheme.
The bank transacted 2,080,104,955 units of its ordinary shares from the Staff Share Investment Scheme (SSIT) to the bank off-market trade at N9.47 kobo per unit.
Volume traded on the bourse closed at 2.404 billion shares in contrast to 322 million shares from previous trading levels. Value also followed suit to close at 21.613 billion compared to 2.73 billion from previous levels. Transactions in the shares of UBA Plc, Continental Insurance Plc, FBN Holding Plc, Oando Plc and Skye Bank Plc topped the activity chart as most traded equities as measured by volume.
The NSE All Share Index and all sector indices closed positive with NSE Consumer Goods taking the lead again today with 1.43 percent leaving NSE Insurance Index (-1.70%), NSE Oil & Gas Index (-0.55%) and NSE Banking Index (-0.32%) in red territory, while the NSE Alternative Securities Market (ASEM) closed flat.