Quoted companies at Nigeria stock market recorded N245bn gain in Q3


Quoted companies at Nigeria stock market recorded N245bn gain in Q3 despite persistent sell-offs and losses witnessed in the equities market

The market capitalisation of equities, which opened the third quarter at N13.250tn, closed the quarter at a value of N13.450tn.

At the end of the last trading day in the quarter, the equities market closed in the red as the All Share Index shed 16 basis points to settle at 27,630.56 bps.

Analysts at Afrinvest Securities Limited said the losses recorded on Monday were due to price depreciation in MTN Nigeria Communications Plc, Ecobank Transnational Incorporated and Unilever Nigeria Plc.

As a result, the year-to-date performance worsened at -12.1 per cent while market capitalisation fell by N21.7bn to N13.5tn.

The most active stocks by volume were FCMB Group Plc (16.8 million units), Transnational Corporation of Nigeria Plc (7.2 million units) and Zenith Bank Plc (4.7 million units) while Guaranty Trust Bank Plc (N1.6bn), Nestlé Nigeria Plc (N406.0m) and Access Bank Plc (N386.0m) led by value.

The insurance and banking indices appreciated by 1.9 per cent and 1.6 per cent, respectively, following buying interest in Continental Reinsurance Plc, Lasaco Assurance Plc, GTB and Zenith Bank.

Investor sentiment improved as market breadth (advance/decline ratio) rose to 1.0x from 0.8x recorded on Friday.

A total of 18 gainers emerged, outperformed by 18 losers.

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