Equities market sustains bullish sentiments, appreciates by N33bn

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Investors on Nigerian Exchange Limited (NGX) stock market Thursday traded shares valued at N10.675 billion on a bullish trading, extending the gaining streak to six consecutive sessions.

The positive sentiment was driven by investors’ bargain hunting in all the major sectors, save for the insurance sector.

The NGX All-Share Index (ASI) grew by 63.95 basis points, representing a growth of 0.16 per cent, to close at 40,829.15 points. Similarly, the overall market capitalisation value increased by N33 billion to close at N21.275 trillion.

On sectors, the Banking (+0.7%), Industrial Goods (+0.1 per cent), and Consumer Goods (+0.1 per cent) indices recorded gains, while the Insurance (-1.2 per cent) index declined. The Oil & Gas index closed flat.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Presco, Okomu Oil, Lafarge Africa, FBN Holdings (FBNH) and Ecobank Transnational Incorporated (ETI).

Analysts at Afrinvest Limited said that, “In the final trading session, we expect market to sustain its bullish run on improved sentiment.”

Similarly, the market breadth closed positive, recording 24 gainers as against 20 losers. University Press recorded the highest price gain of 9.92 per cent, to close at N1.44, while Presco followed with a gain 5.92 per cent to close at N85.00, per share.

Chams and Universal Insurance appreciated  by 4.76 per cent to close at 22 kobo each, while UACN Property Development Company (UPDC) appreciated by 3.65 per cent to close at N1.99,  per share. On the other hand, BOC Gases led the losers’ chart by 9.87 per cent to close at N10.50, per share. Caverton Offshore Support Group followed with a decline of 9.71 per cent to close at N1.58, while AXA Mansard Insurance shed 5.22 per cent to close at N2.36, per share.

Courteville Business Solutions shed 4.88 per cent to close at 39 kobo, while Sovereign Trust Insurance depreciated by 4.35 per cent to close at 22 kobo, per share.

The total volume of trades increased by 102.7 per cent to 812.298 million units, valued at N10.575 billion, and exchanged in 4,863 deals. Transactions in the shares of FBNH topped the activity chart with 605.012 million shares valued at N8.902 billion. Fidelity Bank followed with 20.589 million shares worth N53.597 million, while Wema Bank traded 15.177 million shares valued at N11.311 million.

ETI traded 15.028 million shares valued at N88.884 million, while Transnational Corporation of Nigeria (Transcorp) transacted 13.765 million shares worth N13.011 million.