By Seun Ibiyemi
Nigeria’s equities market extended its rally on Wednesday, notching its third consecutive advance this week with a 0.41 percent rise.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) climbed from 139,796.11 points in the previous session to 140,365.36 points, while market capitalisation improved from N88.453 trillion to N88.813 trillion.
Analysts described the performance as an indication of cautious optimism among investors in the build-up to the Monetary Policy Committee (MPC) meeting.
Berger Paints led the gainers’ table after its share price jumped from N35.50 to N39, representing an increase of N3.50 or 9.86 percent. Chellarams rose by 10 percent to close at N12.10, up from N11, while FTN Cocoa also advanced 10 percent from N5.40 to N5.94. Sunu Assurances added 8.91 percent to settle at N5.99.
Trading activity remained buoyant, with 767.7 million shares worth N40.64 billion exchanged across 24,837 deals. FCMB, Nigerian Breweries, Aradel, Access Holdings, and Zenith Bank featured prominently among the day’s most active stocks.
The session, however, saw some pullbacks. May & Baker shed 9.97 percent, Union Dicon dipped 9.72 percent, while C & I Leasing closed 7.69 percent lower.