The bullish run in the Nigerian equities market extended into the seventh consecutive trading session as the All Share Index yesterday rose by 1.2 per cent to settle at 39,534.14 points while year-to-date (YTD) return improved to 47.1 per cent.
Accordingly, market capitalisation added N159.8bn to close at N13.8tn. This brings the total gain in the market since the beginning of the week to N543.146 billion, while the All Share Index appreciated by 4,.105 per cent, the most in a week for the year 2017.
The day’s positive performance can be majorly attributed to sustained buying interest in Nigerian Breweries (+2.2%), Nestle Nigeria (+6.0%) and Zenith Bank (+5.6%). Likewise, activity level improved as volume and value traded grew 50.6 per cent and 39.2 per cent to 1.1 billion units and N10.2 billion respectively.
Sector performance was mixed albeit skewed towards the negative region- three indices closed in the red while two appreciated. The two gainers were the consumer goods and banking indices, up 2.7 per cent and 1.8 per cent as a result of sustained buying interest in Nigerian Breweries (+2.2%), Nestle Nigeria (+6.0%), Zenith Bank (+5.6%) and Access Bank (+3.3%).
On the other hand, the Industrial Goods index shed 0.8 per cent due to profit taking in Dangote Cement (-0.4%).