EQUITIES DEFY MARKET CRISIS, HEAD NORTHWARDS
In spite of the crisis rocking the apex regulator of the Nigerian Capital Market, the Securities and Exchange Commission (SEC), which consequently resulted in the suspension of its Director General equity transactions yesterday continued with more blue chip stocks recording price appreciation, thus resulting in a N18 billion increase in the market capitalisation.
Activities at the stock market have been on the upbeat since Monday, after a complete one week bearish run.
At the close of trading 16 stocks recorded price appreciation while 23 recorded losses.
The twin market indicators the All-Share index which measures the performance of quoted companies rose by 56.18 points or 0.27 per cent from 21,185.34 recorded on Monday to 21, 239.52, while market capitalisation increased by N18 billion or 0.27 per cent from N6.762 trillion to N6.780 trillion.
Further analysis of the day's trading showed International WAPIC Plc topping the day's gainers' table with 5.00 per cent to close at N0.63 per share while CCNN Nigeria Plc followed with 4.93 per cent to close at N5.11 per share. Ashaka Cement, May & Baker and Longman Plc featured with 4.91, 4.84 and 4.89 per cent respectively.
However, Air Service Nigeria Plc led others on the losers' table with 5.00 per cent to close at N1.52 per share. Dangote Flourmill Plc followed, shedding 5.00 per cent, to close at N5.32 per share.
MRS Oil Plc, Academy Plc and Berger Paint Plc shed 4.99, 4.97 and 4.92 per cent to close at N34.68, N1.72 and N9.08 per share.
On the activity chart, the banking sub-sector dominated in volume terms with 89.6 million shares worth N626.2 billion in 1,820 deals. The Consumer Goods sub-sector followed with 16.6 million units, worth N451.3 million in 681deals.
The Oil & Gas sub-sector ranked third with 5.6 million units, worth N40.1 million in 24.3 deals.
In all, investors exchanged 139.3 million shares, worth N1.3 billion in 53,339 deals.