Equity Investors Trigger Trend reversal with N520.71bn Gain

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• Mop Sovereign’s 1.42bn Shares

BY BONNY AMADI

On Thursday, investors on the NGX equities market feasted heavily on Sovereign Insurance shares as it commanded 92 per cent of the top five traded stocks with turnover of 1,416,633,778.00 billion shares worth N4,214,278,367.87 billion,

Remarkably, the Nigerian stock market closed on a bullish note reversing its bearish trend through the week, with the NGX AllShare Index (ASI) advancing by 0.60 per cent to close at 138,980.01 points, boosting the year-to-date return to 35.03 per cent.

Total market capitalization grew by N520.71 billion to N87.94 trillion. Market sentiment was vibrant, evidenced by a positive breadth with 40 stocks advancing against 13 decliners.

Leading performers included ELLAHLAKES, VERITASKAP, HONY- FLOUR, ROYALEX, and MANSARD, while AUSTINLAZ, NEIMETH, DAAR COMM, CHAMPION, and UNILEVER were among the notable underperformers.

Sectoral performance was predominantly positive, with gains in Banking (+0.98%), Insurance (+6.73%), Consumer Goods (+1.54%), and Oil & Gas (+0.03%) sectors, while the Industrial and Commodity sectors remained flat.

Trading activity was mixed: the number of deals declined by 13.50% to 24,387, trading value dropped by 20.21% to N15.70 billion, whereas trading volume surged significantly by 273.96% to 1.81 billion units.

Top five gainers

ELLAHLAKES led the day’s gainer group with N1.18 or 10.00 per cent growth to close at N12.98 per share, followed by VERITASKAP with N0.18 or 10.00 per cent, closing at N1.98, while HO- NYFLOUR closed third in the group at N23.20 per share, having appreciated by N2.10 or 9.95 per cent.

ROYALEX appreciated by N0.17 or 9.94 per cent to close at N1.88, while MANSARD closed the top five gainers group at N15.82 per share, following appreciation by N1.43 or 9.94 per cent.

Worst five losers

AUSTINLAZ led the losers’ group at N2.87 per share, having dipped by N0.31 or 9.75 per cent, followed by NEIMETH with N0.55 or 8.33 per cent loss in share price to end the day at N6.05 per share, while DATACOMM closed third in the group at N0.86, following contraction by N0.04 or 4.44 per cent.

CHAMPION depreciated by N0.65 or 4.15 per cent to N15.00, while UNILEVER closed the worst five losers’ group at N70.00 per share, having declined by N3.00 or 4.11 per cent.

Top five trades

SOVREIGNS, as the highest traded stock on Thursday polled turnover of 1,416,633,778.00 billion shares worth N4,214,278,367.87 billion, NB followed with 41,203,061.00 shares worth N2,821,560,159.40 billion, while FIDELITYBK closed third in the group with 30,556,060.00 million shares worth N642,120,505.40 million.

ZENITHBANK polled 26,351,035.00 million shares worth N1, 704,144,643.55 billion, while UNIVINSURE closed the top five active stocks group with 24,154,245.00 million shares valued N28, 235,080.26 million.