Bulls return as domestic equities gain N2.593trn

The domestic equity market on Wednesday returned to bullish run, appreciating by N2.593 trillion, as heavyweight stocks took positive direction.

Market capitalisation of listed equities increased by 2.88 per cent to N92.477 trillion from N89.884 trillion reported the previous day.

The NGX All Share Index also 4,076.53 basis points to 145403.83 points from 141327.30 points reported on Tuesday.

The positive performance was driven by gains in the shares of MTN Nigeria, Aradel Plc,Oando Plc, GTCO Plc, Zenith Bank, Stanbic IBTC, Access Holdings company, Guinness Nigeria Plc and 57 others.

The market breath for the day was positive with 65 gainers against 11 decliners,  bringing year to date return to 41.27 per cent.

Volume of trades rose by 150.446 million, representing 22.94 per cent as investors traded 806.399 million against 655.953 million traded the previous day. Value of transactions also went up by 72.78 per cent to settle at N50.777 billion against N29.389 billion in 24509 deals.

An analysis of the investment showed that 

Nigerian Breweries , Ecobank Transnational incorporated (ETI), PZ Cusson gained 10 per cent each to close at N66.00, N34.65 and N38.50 per unit respectively. Royal Express, Wapic also appreciated by 10 per cent each to close at N1.87 and N2.86 per share.

On the contrary, 

AustinLaz Plc, Vitafoam Nigeria Plc and Transpower topped losers chart with 10 per cent each to close respectively at N2.61, N84.60 and 307.80 per unit.Red Starex followed with a gain of 9.80 per cent to close at N9.20 per unit, Abbey building Society dipped by 9.72 per cent to close at N6.50 per unit.

Trading in the shares of GTCO Plc led market activities with 104.779 million shares valued at N8.990 billion, Zenith Bank followed with account of 86.805 million shares cost N5.156 billion , Stanbic IBTC exchanged 43.626 million shares valued at N4.579 billion, Access Holdings company traded 35.931 million shares cost N789.581 million while FCMB group traded 35.507 million shares cost N366.186 million.