Equities market posts 3rd consecutive gains as investors further earn N61.6bn

For the third consecutive session, equities trading at the Nigerian Exchange Limited (NGX) maintained the bull run bringing the benchmark index up by 0.23 per cent to close at 48,366.69 basis points.

On Tuesday, sustained buying interest in industrial heavyweight, BUA Cement, having appreciated in share values by 2.50 per cent drove the market’s positive performance alongside WAPCO, United Bank for Africa and Ecobank Transnational Incorporated.

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Investors, therefore, earned N61.60 billion as the market capitalisation settled higher at N26.34 trillion by the end of the day’s trading sessions.

As a result of the rally in the local bourse, the year-to-date (YTD) return of the All Share Index (ASI) rose to 13.23 per cent.

Market breadth closed positive with advancing issues outnumbering declining ones.

On the performance board, Honeywell Flour Mills topped 14 others on the leader’s log having appreciated in share value by 8.06 per cent, while UPDC led 11 others on the laggard’s table after it’s share price dipped by 7.07 per cent.

Notably, Presco and BUA Cement contributed to a 0.63 per cent and 1.66 per cent increase in the NGX Consumer Goods Index and the NGX Industrial Index, respectively.

Similarly, the NGX Oil/Gas Index and the NGX Insurance Index both advanced by 0.59 per cent and 1.05 per cent, supported by gains in the share prices of Eterna, Royal Exchange, Mansard Insurance and Oando.

On the flip side, Zenith Bank, FBN Holdings, Access Corporation and United Bank for Africa, having declined by 2.23 per cent, 1.72 per cent, and 0.68 per cent, respectively; impacted the 1.29 per cent dip in NGX Banking sub-sector.

Analysis of market activities for the day showed trade turnover settled lower relative to the previous session, with the value of transactions down by 13.37 per cent. A total of 182.80 million shares valued at N3.55 billion were exchanged in 3,114 deals.

FBN Holdings led the volume chart with 66.11 million units traded while Geregu led the value chart in deals worth N1.75 billion.