Categories: Business

Equities investors gain N73.3bn as market rebounds

Trading in the domestic equities market closed positively to reverse the previous day’s loss as interest in BUA Cement triggered a 0.3 per cent increase in the benchmark index as the stock price of the cement company appreciated by 2.9 per cent.

Consequently, on Wednesday, the All-Share Index closed at 48,988.04 basis points, with the Month-to-Date and Year-to-Date returns increasing to 2.8 per cent and 14.7 per cent, respectively.

Equities investors gained N73.26 billion as the market capitalisation settled at N26.68 trillion at the end of the trading activities.

As measured by market breadth, market sentiment was positive, as 16 tickers gained relative to 12 losers. Redstar Express and Chams topped the gainers’ list after their respective share values appreciated by 9.7 per cent and 9.5 per cent, respectively, while Prestige Insurance and Multiverse recorded the most significant losses of the day after shedding 8.7 per cent and 8.5 per cent from their respective share prices.

Performance across sectors under our coverage was negative, as the Insurance, Consumer Goods, Oil & Gas and Banking indices closed lower having depreciated in value by 0.9 per cent, 0.4 per cent, 0.2 per cent and 0.1 per cent, respectively, while the Industrial Goods index was the sole gainer of the day after it gained 1.5 per cent.

Meanwhile, trading activity fell as total deals, volume, and values decreased by 13.79 per cent, 45.95 per cent and 56.76 per cent, respectively, to 2,832 trades, 88.04 million units, and N1 .68 billion.

In terms of volume, GTCO was the most active stock, with 10.21 million shares worth N213.65 million changing hands in 246 deals.

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