Equities investors stake N3.4bn in a bullish trade

On Wednesday, the equities trading session ended positively as investors traded stocks worth N3.4 billion in 4,218 deals.

The local bourse index rebounded by 0.20 per cent to close at 42,353.31 basis points amid bargain hunting on shares of some high and mid capitalised stocks.

Basically, the stocks of Wapic Insurance, PZ, Dangote Sugar, United Bank for Africa and Dangote Cement dictated the overall sentiments at the Nigerian Exchange Limited (NGX) on Wednesday as their respective share prices rose by 6.25 per cent, 5.93 per cent, 2.10 per cent, 1.91 per cent and 1.19 per cent.

Consequently, the year-to-date gain of the local bourse rose by 5.17 per cent just as the market capitalisation increased by 0.2 per cent to close at N24.5 trillion as against an opening of N24.1 trillion.

Market breadth was also positive as the Exchange printed a higher number of 21 gainers than 19 losers. Given the upturn in the benchmark index, performance across sub-indices tracked were largely positive except for the NGX Banking Index and the NGX Oil/Gas index which fell by 0.49 per cent and 0.11 per cent respectively. The NGX Insurance index, NGX Industrial Index and the NGX Consumer Goods index increased by 0.60 per cent, 0.62 per cent and 0.28 per cent respectively.

Meanwhile, the market transaction was mixed as the volume of stocks traded increased by 36.99 per cent to N341.69 million while the value of stocks traded fell by 1.08 per cent to N 3.54 billion.

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