Equities market post fourth day gain as ASI adds 0.03 per cent

The Nigerian equities market posts fourth-day gain, howbeit marginally, on Wednesday, as the benchmark index inched up by 0.03 per cent.

The insignificant gain came as investors continued to take profit on some stocks while others still moved to buy up value counters.

At the Nigerian Exchange Limited (NGX), interests in Presco and Vitafoam triggered a three basis points expansion in the All-Share Index (ASI) to 38,927.83 points as their respective shares increased by 3.7 per cent and 1.0 per cent.

Accordingly, Month-to-Date and Year-to-Date return printed +1.0 per cent and -3.3 per cent, respectively.
Investors earned N5.13 billion after the market capitalisation moved to N20.282 trillion at the end of the day trading sessions from N20.277 trillion.

As measured by market breadth, market sentiment was however negative, as 18 listed companies recorded a loss in share value, relative to 15 gainers.

On the performance chart, Sovereign Insurance and Regal Insurance recorded the most significant losses of the day having depreciated in share value by 7.1 per cent and 6.7 per cent respectively, while Cutix and Veritas Kapital topped the gainers’ list after recording 10.0 per cent and 8.7 per cent appreciation in their respective share value.

Analysing by sectors, the Oil & Gas and Insurance indices posted losses by 0.6 per cent and 0.2 per cent respectively, while the Banking index advanced by 0.6 per cent. Elsewhere, the Industrial Goods and Consumer Goods indices closed flat.

Activities followed the previous day trend as the total volume of trades declined by 10.9 per cent to 206.29 million units, valued at N1.07 billion, and exchanged in 3,435 deals.

Sterling Bank was the most traded stock by volume at 51.83 million units, while United Bank for Africa was the most traded stock by value at N129.78 million.

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