Equities market sustains bullish run as investors gain N649.3bn in three days

The domestic equities market sustained positive trading, on Wednesday, to record third-day consecutive gains as the market index increased by 0.76 per cent.

The bullish trade started, on Monday, as the market capitalisation closed at N18.21 trillion as against N17.90 trillion recorded on Friday. The positive sentiments were sustained on Tuesday as the market’s worth recorded N18.41 trillion; the bullish trend ran into the third day as the market closed at N18.55 trillion.

Thus, equities investors, so far, gained N649.29 billion in three trading sessions, amidst positive sentiments. Consequently, Month-to-Date and Year-to-Date gain increased to 1.3 per cent and 32.2 per cent, respectively.

At the Nigerian Stock Exchange (NSE) on Wednesday, All Share Index (ASI) increased by 0.76 per cent to close at 35,493.15 points amid sustained bullish activity largely attributable to investors demands for more of banking and Consumer Goods stocks.

Market sentiment, as measured by market breadth, was also positive, as 25 tickers gained, relative to 13 losers, with Mansard Insurance and May and Baker recording the largest gains of the day by ten per cent and 9.9 per cent respectively, while Cornerstone Insurance and Linkage Assurance topped the losers’ list by 8.3 per cent and 8.2 per cent respectively.

The sectoral performance was mixed. Of the five indices tracked, three closed in green; the NSE Banking, NSE Insurance and NSE Consumer Goods indices rose by 1.86 per cent, 1.63 per cent and 3.78 per cent. On the flip side, the NSE Oil/Gas and NSE Industrial indices fell by 0.33 per cent and 0.17 per cent respectively.

The total volume of trades increased by 146.2 per cent to 650.55 million units, valued at N2.29 billion, and exchanged in 3,952 deals.

Jaiz Bank was the most traded stock by volume at 414.98 million units, while Zenith Bank was the most traded stock by value at NGN472.71 million.

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Equities market sustains bullish run as investors gain N649.3bn in three days

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