Bulls persist at NGX as investors gain N153bn

The Nigerian stock market, on Wednesday, witnessed another session of bargain hunting which pushed it higher by 0.56 per cent.

The All Share Index (ASI) of the Nigerian Exchange Limited (NGX) rose by 0.56 per cent to close at 51,377.21 basis points.

This, equities investors earned N153 billion at the end of the day trading session, leaving the market capitalisation at N27.698 trillion.

Hence, the year-to-date gain of the NGX ASI rose to 20.28 per cent.

Specifically, shares of Ellah Lakes, Presco, FBN Holdings, BUA Foods, Flour Mills of Nigeria, Wapco and Dangote Cement drove the overall gain at the local bourse as their respective shares appreciated by 10.00 per cent, 9.71 per cent, 9.52 per cent, 6.87 per cent, 2.81 per cent, 1.89 per cent and 1.85 per cent.

On the flip side, we saw profit-taking on the shares of Northern Nigeria Flour Mills, Ecobank Transnational Incorporated, BUA Cement, United Capital and Oando as they declined by 9.91 per cent, 5.94 per cent, 3.16 per cent, 1.96 per cent and 1.38 per cent, respectively.

Despite the sustained bullish sentiment, Performance across sub-sector gauges was largely negative except for the NGX Consumer Goods index which rose by 0.14 per cent. The NGX Banking index, NGX Insurance index, NGX Oil/Gas index and the NGX Industrial index fell by 0.61 per cent, 0.39 per cent, 0.19 per cent and 0.28 per cent respectively
Meanwhile, market activity was strong as the volume of stocks traded rose by 37.37 per cent to 229.37 million units; Similarly, the value of stocks traded increased by 16.68 per cent to N3.20 billion.

Presco led the league of gainers on Wednesday after its share price increased by N16.20 or 9.71 per cent, from N166.80 to N183.

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Bulls persist at NGX as investors gain N153bn