The Nigerian Equities Market continues to make wave as bulls consolidate grip on the market. This is as the Nigerian Exchange Limited (NGX) gains a further 0.74 per cent to cross above the 39,000 basis points and stand at 39,170.95 basis points, hence bringing the year-to-date performance to stand at -2.73 per cent.
On Wednesday, this positive outing further pushed investors’ net worth up by N151 billion as the Equities Market Capitalization is pegged at N20.417 trillion.
Consequently, market breadth also swayed in favour of the bulls, as 25 counters in the gainers’ chart were pitted against seven counters in the losers’ chart.
Cutix was the best performing stock in the session, as it is pegged by Okomu Oil, Union Bank of Nigeria, Honeywell Flour Mills and ABC Transport to complete the list of the top five gainers.
From the rear of the chart, Sovereign Insurance shed the most weight to lead the laggards’ chart as it is flanked by Jaiz Bank, FCMB, FBN Holdings and Sterling Bank to complete the top losers’ chart.
All sectorial indices closed in tandem with the ASI, with the Industrial and Banking sectors up by 1.33 per cent and 1.25 per cent to gain the most weight.
Market activity as measured by the volume of trades dipped in the session with daily traded volume standing at 182 million units, a 16.93 per cent decline from a volume of 219 million units traded in the previous session.
Conversely, market turnover surged by 148.95 per cent in the session to stand at N3.959 billion as against a value of N1.590 billion recorded in the previous trading session.
Market activity in the session is dominated by banking stocks. Zenith Bank was the most traded stock in terms of units of traded stocks.
With regards to the value of traded stocks, Nestle, Dangote Cement, Zenith Bank, Guaranty Trust Bank and Okomu Oil, made up the top five performers.
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Investors gain N151bn as equities market sustains bullish run