Investors gain N342bn as stocks rally further

Nigeria’s stock market rallied further by 0.53 percent or N342 billion on Wednesday, thanks to banking and consumer goods stocks despite sell pressure in insurance and oil & gas stocks.

Investors’ interests in shares of VFD Group, Africa Prudential, Learn Africa, and ABC Transport pushed the market higher.

This week, the market has risen by 1.03 percent, defying analysts’ expectation of quiet buy activities.

In 11,226 deals, investors exchanged 744,802,985 shares valued at N18.284 billion.

Shares of Fidelity Bank, GTCO, Universal Insurance, Access Holdings and Tantalizer were actively traded on Wednesday.

ABC Transport rose from N1.42 to N1.56, adding 14 kobo or 9.86 percent. VFD Group moved from N15.60 to N17.10, up by N1.50 or 9.62 percent. Learn Africa rallied from N3.25 to N3.56, up 31 kobo or 9.54 per cent, while Africa Prudential rallied from N13.90 to N15.10, up by N1.20 or 8.63 percent.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from preceding day’s 104,739.61 points and N65.817 trillion respectively to 105,283.67 points and N66.159 trillion.