NGX: GTCO, NASCON, Caverton others lead market recovery as investors make N902bn

A strong performance by the Guarantee Trust Holding Company (GTCO), Caverton, NASCON and others propelled the Nigerian equities market to a positive trading day on Thursday.

At the end of five hours trading today, investor pocketed a profit of N902bn to signal a remarkable turnaround at the capital market after the previous day’s loss.

This followed the growth in market capitalization to N56.2 trillion from N55.3 trillion posted by the bourse on Wednesday.

Similarly, the NGX-All-Share Index (ASI) increased to 102,802.25 from 101,154.46 recorded the previous day.

The market breadth was positive as 52 stocks advanced and 17 declined while 48 others remained unchanged in 12, 851 deals.

GTC0, Lafarge Africa (Wapco), Chams Holding, Caverton Offshore, and Veritas Kapital Assurance led other gainers with 10% growth each to close at N40.70, N39.60, N2.64, N1.87 and N0.66 from their previous price of N37.00, N36.00, N2.40, N1.70 and N0.60 per share.

Nascon Allied Industries, Zenith Bank, and Dangote Sugar Refinery also posted 9.98%, 9.97%, and 9.94% increase in share prices respectively.

READ ALSO: NGX: Investors drop N1.07tr as equities market suffers second consecutive losses

On the flip side, Deap Capital led other price decliners as it shed 9.88% off its share price to close at N0.73 from the previous N0.81 per share.

Computer Warehouse Group (CWG), R.T. Briscoe, and University Press with 9.87%, 9.86%, and 9.76% dip in share prices completed the list of losers in today’s trading.

On the volume index, Universal Insurance traded 113.758 million shares valued at N42.5 million in 110 deals followed by Transcorp with 91.016 million shares worth N1.1 billion traded by shareholders in 1,201 deals.

Zenith Bank traded 74.210 million shares valued at N2.7 billion in 1,036 deals.

On the value index, Zenith Bank traded stocks worth N2.760 billion in 1,045 deals followed by UBA with equities worth N1.717 billion in 802 deals.

GTCO traded stocks worth N1.28 billion in 425 deals.

By: Babajide Okeowo

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