Local stock market maintains bullish trend as investors earn N42.8bn

Following the strong rebound of the previous session, equities trading at the Nigerian Exchange Limited (NGX) extended gains as the benchmark index closed 0.15 per cent stronger to close at 52,917.76 basis points.

Bullish sentiment in consumer goods, International Breweries, Dangote Sugar, Presco, Okomu Oilpalm and Wapco continued to buoy the market on Thursday, despite selloffs in MTN Nigeria, BUA Foods, Zenith Bank, Guaranty Trust Holding Company and FBN Holdings.

Equities investors, therefore, earned N42.75 billion as the market capitalisation settled at N28.53 trillion as against the previous close of N28.49 trillion.

Consequently, the Month-to-Date and Year-to-Date returns increased to +6.6 per cent and +23.9 per cent, respectively.

As measured by market breadth, market sentiment was positive, as 29 tickers gained relative to 23 losers. On the performance chart, Fidson Pharmaceuticals and Eterna Oil topped the gainers’ list after their respective share values appreciated by 10.0 per cent and 9.9 per cent, while Academy Press and CHI Plc recorded the most significant losses of the day after losing 9.7 per cent each from their share value.

On sectors, the Consumer Goods, Industrial Goods, and Oil & Gas indices advanced by 1.4 per cent, 0.1 per cent and 0.5 per cent respectively, while the Insurance and Banking indices declined by 2.4 per cent and 0.9 per cent respectively.


Data from the NGX indicated that market activities were tepid as trade turnover settled lower relative to the previous session, with the value of transactions declining by 22.28 per cent.

A total of 426.02m shares valued at N5.70 billion were exchanged in 7,639 deals. Transcorp led the volume chart with 94.40 million units traded, while Wapco led the value chart in deals worth N601.95 billion.

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Local stock market maintains bullish trend as investors earn N42.8bn

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