Union Bank, Ikeja Hotel, Others Lift Stock Market To N87.48bn Gain
Equities have rallied for the fourth consecutive days on the Nigerian Exchange Limited (NGX), helping key market indicators to surge.
The All-Share Index (ASI) gained 0.34 per cant or 162.28 index points to close at 47,367.31 points up from 47,205.03 points reported the previous day.
The gains of the NGX also impacted the market capitalization, as the index appreciated by N87.48 billion, indicating a 0.34 per cant growth to currently stand at N25.536 trillion compared to N25.448 trillion recorded on Tuesday.
A cursory look at the market shows that the rise of the market was boosted by the surge in the share value of large and medium scale equities. Amongst which are ; Meyer Plc, Ikeja Hotel Plc, Caverton Plc, Union Bank of Nigeria Plc and FTN Cocoa Plc.
The market turnover increased by 59.7 per cent, as investors bought and sold a total of 391.88 million shares worth N9.95 billion in 5,419 deals as against 245.42 million units of shares valued at N4.58 billion in 5,832 deals transacted the previous day.
The market breadth remained positive with 31 gainers and 15 losers compared to 31 rising stocks and 17 decliners on Tuesday.
The gainers’ chart was led in percentage parameters by Meyer Plc, as the firm jumped 9.56 per cent to close at N1. 49 kobo per share.
Also, hospitality company, Ikeja Hotel Plc rose 9.24 per cent to close at N1.30 kobo per share and, Caverton Plc appreciated by 6.78 per cent to close at N1.26 kobo per share.
Tier – 2 financial institution, Union Bank of Nigeria Plc and FTN Cocoa Plc climbed 6.56 per cent to close at N6.50 kobo and N0.33 kobo per share respectively.
On the flip side, Sunu Assurance Plc led the decliners on the Nigerian bourse, as the insurer lost 7.69 per cent to close at N0. 36 kobo per share.
Sterling bank Plc dipped 6 per cent to close at N1. 41 kobo per share, while Unilever Nigeria Plc fell 4.51 per cent to close at N12. 70 kobo per share.
Coronation Insurance Plc and United Capital plc declined 4.44 per cent and 3.97 per cent to close at N0. 43 kobo and N13.30 kobo per share respectively.
Analysis of the NGX market activity chart shows that for the third consecutive trading session, Guaranty Trust Holding Company (GTCO) closed as the most active and valuable stock on the bourse, as the lender traded a total of 65.88 million shares worth N1.617 billion.
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