Stock exchange edges up on gains by Seplat, Airtel others

FOLLOWING gains in many blue-chip stocks, especially Seplat and Airtel Africa, the Nigerian equities market halted losses to close on an upward note yesterday, as investors' fortunes soared by N980 billion.

At the close of transactions yesterday, the Nigerian Exchange Limited (NGX) All-share Index (ASI) gained 1,790.58 points, representing a gain of 1.76 per cent to close at 103,498.28 points. Also, market capitalisation rose by N980 billion to close at N56.633 trillion. The upturn was driven by price appreciation in large and medium-capitalised stocks amongst which are: Seplat Energy, Airtel Africa, Geregu Power, BUA Foods and FBN Holdings (FBNH). As measured by market breadth, market sentiment was positive, as 28 stocks gained relative to 25 losers. Airtel Africa and Unity Bank led the gainers' chart with 10 per cent each to close at N2200 and N2.42 kobo while Juli Pharmaceutical followed with a gain of 9.91 per cent to close at N1.22 kobo. Fbnholdings added 9.9 per cent to close at N27.20 kobo. Morrison Industry added 9.82 per cent to close at N3.02 kobo. Seplat appreciated by 9.61 per cent to close at N3,370. PZ Cussons garnered 9.56 per cent to close at N27.50 kobo. May &Baker appreciated by 8.66 per cent to close at N6.90 kobo.

BUA Foods gained 7.02 per cent to close at N320. Regency Insurance added 6.98 per cent to close at 46 kobo. Geregu also appreciated by 6.72 per cent to close at N770.

On the contrary, NCR and Mecure, Thomas Way recorded the highest loss, dropping by 10 per cent each to close at N4.32 kobo, N9.72 kobo and 2.25 kobo respectively while Meyer Paint fell by 9.99 per cent to close at N6.22 kobo. Buacement was down by 9.91 per cent to close at N150.

Fidelity Bank shed 9.65 per cent to close at N10.30 kobo. Guinea Insurance shed 9.26 per cent to close at 49 kobo. Veritas Kapital shed 8.75 per cent to close at 73 kobo. Deap Capital depreciated by 7.69 per cent to close at 60 kobo. UPDC lost 6.78 per cent to close at N1.65 kobo. Nigerian Aviation Handling Company also shed 6.67 per cent to close at

N2.53 kobo.

The volume of Transactions also went up by 163.669 million, representing 62.19 per cent as investors traded 426.861 million shares valued at N12.106 billion in 8654 deals against 263.192 million shares worth N4.30 billion in 8614 deals.

FBN Holdings led market activities with 54.611 million shares valued at N1.478 billion, United Bank for Africa followed with an account of 47.658 million shares cost N1.172 billion.