Stock Market Sustains Rally, Rises By N214bn
The Nigerian equities market seem headed to a new year on a strong note as it has sustained its bullish form after the Xmas holidays through Wednesday.
Both the All Share Index (ASI) and the market Capitalisation recorded gains, growing by 1.03 per cent. The ASI which opened trading at 39,110.17 basis points, closed at 39,512.31 basis points on Wednesday.
The market capitalisation gained N214bn to close at N20,660 trillion from the N20. 446 trillion it posted the previous day.
The appreciation of the market was hugely influenced by the rise of BUA Cement, International Breweries, NEM Insurance, Eternal Plc and C and I Leasing.
The market turnover dipped on investors trading in 372.934 million shares worth N1.502 billion in 5,186 deals, compared to 722.565 million shares worth N4. 380 billion in 5,042 deals traded the previous day.
Also, the market breadth was positive, with 40 gainers compared to 17 losers, unlike the 33 gainers and 20 losers posted on the main board of the NSE on Tuesday.
The losers’ table was led by in percentage parameters by Flour Mills, appreciating by 5.45 per cent to close at N26 per share.
Union Bank fell by 5.36 per cent to close at N5.3 per share, while Acess Bank declined by 2 .23 per cent to close at N8.75 per share.
In the same vein, Guinness and Guaranty Trust Bank shed 1.55 and 0.61 per cent to close at N19 and N32.5 per share respectively.
On the flip side, the gainers’ table was led in percentage terms by BUA Cement, International Breweries and Eternal with 10 per cent to close at N70. 4, N6. 49 and N5. 61 per share respectively.
Also, C and I Leasing and NEM Insurance rose by 9.74 and 9.40 per cent to close at N4. 73 and N1.63 per share respectively.
UBA led the activity chart in volume terms, trading in 60.569 million shares worth N524.734 million, while Dangote Cement traded in 33. 166 million worth of shares at N8.041 billion.
Zenith Bank followed with 27.541 million shares worth N690.852 million, then came Acess Bank with 24.446 million shares worth N215. 020 million. Also, Transcorp traded 20.976 million shares worth N19.208 million.
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