Following the Monetary Policy Committee (MPC) decision to retain the current rates, the Nigerian equities market extends its bullish run as market indicators hinges 0.83 per cent higher, on Wednesday.
Basically, the Nigerian Stock Exchange All Share Index gained 0.83 by per cent to close at 41,930.73 basis points, pegging the year-to-date return at 4.12 per cent with market capitalisation standing at N21.934 trillion
Market breadth also closed in favour of the bulls with 35 gainers as against 21 losers.
CHI Plc, Guinea Insurance, Fidson Pharmaceutical, Champion Breweries and Lasaco Insurance led the gainers’ chart as the best-performing stocks today, whereas, Sky Aviation, Cornerstone Insurance, Caverton, Universal Insurance and FTN Cocoa led the chart from the rear.
All Sectorial indices closed in tandem with the ASI save for the Oil and Gas sector which lost 0.12 per cent as ASEM closed flat. The Insurance sector gained 1.54 per cent to become the best performing sector.
Market activity as measured by both volume and value of trades improved in today’s session as daily traded volume recorded 544 million as against 467 million recorded in the previous trading session, amounting to a 16.18 per cent increase. The value of daily trades increased by 31.55 per cent to close at N7.322 billion as against N5.566 billion recorded in the previous trading session.
Transnational Corporations continued to dominate market activity in terms of volume for the fourth straight session as it’s flanked in today’s trading session by Japaul Gold, Zenith Bank, FBN Holdings, and United Bank for Africa, whereas with regards to the value of trades, Airtel Africa, Zenith Bank, Guaranty Trust Bank, MTN Nigeria and Wapco made up the top five performers.
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