Domestic equities gain N119bn

The Nigerian equity market maintained its bullish momentum on Wednesday, closing higher for the ninth straight trading session, gaining N119 billion as sustained buying interest continued to dominate activities on the exchange.

Sentiment remained positive throughout the session, supported by renewed in mid-cap stocks, even as cautious profit-taking emerged in a few large-cap.

This resulted in market capitalisation of listed equities increasing by 0.12 per cent to N97.890 trillion from N97.771 trillion reported the previous day.

The NGX All Share Index also appreciated by 155.69 basis points to 153539.83 points from 153384.14 points traded on Tuesday

Volume of trades went up by 1.068 billion, representing 157.74 per cent as investors traded 1.746 billion units of shares against 677.433 million shares traded the previous day. The value of transactions rose by 0.44 per cent to settle at N30.046 billion in 19372 deals.

An analysis of the trading during the day showed that Guinness Nigeria Plc led gainers table with 9.98 per cent to close at N318.60 er unit, AustinLaz followed with a gain of 9.97 per cent to close at N3.20 per unit, International Breweries added 9.85 per cent to close at N14.50 per share, Transco Hotel gained 9.83 per cent to close at N170.90 per share.

Alex Plc up by 9.73 per cent to N16.35 per unit.

On the contrary, Legend Internet topped losers’ chart, dropping by 9.26 per cent to close at N4.90 per unit, Mansard Insurance trailed with a loss of 7.14 per cent to close at N13.00 per share, Jaiz Bank down by 5.45 per cent to close at N4.51 per share, MTN Nigeria dipped by 5.21 per cent to close at N504.00 per share while Northern Nigeria Flour Mills declined by 4.74 per cent to close at N24.10 per share.

Transactions in the shares of Abbey building Society led market activities with 1.124 billion shares worth N7.065 billion, Sterling Bank followed with account of 127.081 million shares worth N895.923 million, Custodian Insurance traded 115.020 million shares cost N4.485 billion, FirstHoldco down by 40.879 million shares cost N2.182 billion while Access Holdings company traded 38.176 million shares valued at N783.294 million.