By CHINYERE JOEL-NWOKEOMA

The domestic equities market kicked off the week with a growth 0.17 per cent due to bargain hunting in Guinness Nigeria and 31 others.

Specifically, the All-Share Index (ASI) rose by 123.33 points or 0.17 per cent to close at 71,353.81 against 71,230.48 achieved on Friday.

Consequently, the year-to-date (YTD) return rose to 39.22 per cent.

However, the overall market capitalisation, which opened at N39.172 trillion shed N132 billion or 0.34 per cent to close at N39.040 trillion.

The drop in the market capitalisation was due to the delisting of the shares of Union Bank of Nigeria from the nation’s stock market.

The News Agency of Nigeria (NAN) reports that Titan Trust Bank Ltd., the core investor in Union Bank, in May announced plans to acquire the shares of minority shareholders of the bank.

It announced an increase in the price at which the stakes of minority shareholders would be acquired from N7 per unit to N7.70.

In 2022, Titan Trust Bank Ltd. bought the controlling stake in Union Bank, which is the second-oldest bank in Nigeria.

An analysis of the price movement chart showed that John Holt, Tantalizer and FBN Holdings led the gainers’ table in percentage terms with 10 per cent each to close at N1.87, 55k and N22 per share, respectively.

Multiverse followed with 9.98 per cent to close at N6.39, while SUNU Assurance gained 9.73 per cent to close at N1.24 per share.

Conversely, ETranzact topped the losers’ table in percentage terms, declining by 9.46 per cent to close at N6.70 per share.

Unity Bank trailed with 9.24 per cent to close at N1.67 per share, Omatek lost 9.09 per cent to close at 90k per share.

RTBriscoe lost 8.96 per cent to close at 61k, while Guinea Insurance declined by 5.88 per cent to close at 32k per share.

Universal insurance led the activity chart with an exchange of 161.09 million shares valued at N46.83 million.

AccessCorp followed with an account of 81.51 million shares valued at N1.47 billion, while Unity Bank traded 67.65 million shares worth N116.87 million.

Veritas Kapital exchanged 45.91 million shares valued at N17.76 million, while Transcorp accounted for 44.47 million shares valued at N294.09 million.

The News Agency of Nigeria (NAN) reports that the volume of trades increased by 163.90 million, representing 28.12 per cent as investors traded 746.67 million valued at N5.945 billion in 9,267 deals.

This was against 582.77 million shares worth N4.27 billion exchanged in 6,874 deals on Friday. (NAN)

Update news