Equities investors further gain N58.2bn on 0.49% bullish trade

The Nigerian equities market continued its bullish trend as investors gained N58.154 billion on Tuesday, recording a third-day consecutive increase, as the market capitalisation increased by 0.49 per cent to close the day at N11.844 trillion.

Consequently, the All-Share Index gained by 0.49 per cent to close at 22,727.87 basis points as against an opening point of 22,616.28.

Market breadth also closed positive as 18 gainers were recorded against 10 losers, an improved performance when compared with the previous outlook of 8 gainers against 14 losers.

Nestle Nigeria’s gain largely contributed to the overall positive result on Tuesday as its shares added N10.02 Kobo to close at N902.20 Kobo per share, having appreciated by 1.12 per cent.

On the gainer’s board, Cornerstone Insurance took the lead having gained 9.26 per cent or N0.05 kobo to its stock value to close at N0.59 Kobo. LASACO Insurance took second place as it advanced by 7.69 per cent to close at 28 Kobo, while FCMB increased its value by 6.25 per cent to close at N1.70 Kobo per share.

Guaranty Trust Bank also gained one naira, having appreciated by five per cent to close at N21 per share by the end of the day trading; while Zenith Bank share value appreciated by 4.58 per cent to close at N14.85 Kobo.

On the other hand, Wapic Insurance led the decliner’s chart having lost N0.02 Kobo or 7.41 per cent from its share value to close at 25 Kobo per share, African Prudential followed having depreciated by N0.22 Kobo or 5.95 per cent to close at N3.48 Kobo per share.

The total volume and value of trades on Tuesday increased by 146.60 and 106.56 per cent, respectively as266.62 million units of shares, valued at N2.75 billion were exchanged in 4,259 deals. United Bank for Africa was the most traded stock by volume at 48.83 million units while Zenith Bank was the most traded stock by value at N395.09 million.

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