Equity market sustains bullish run, gains N779bn

Agency Report

The local equity market maintained its upward momentum on Wednesday, gaining N779 billion as gain recorded by capital stocks impacted positively on the trading activities during the day.

Market capitalisation of listed. equities increased by 1.17 per cent to N67.274 trillion from N66.495 trillion reported on Tuesday.

The NGX All Share Index also appreciated by 1,248.19 basis points to 107822.52 points from 106574.33 points traded the previous day.

The positive performance was driven by gains in the shares of Dangote Cement, Eterna Plc, ETI, FBNHoldings, Nigerian Breweries, Presco, Transpower, VFG group.

Investor’s sentiments remain strong as year-to-date return increased to 4.76 per cent with 51 companies advancing against 16 decliners.

An analysis of the investment showed that VFG group and Ikeja Hotel led gainers table with 10 per cent each to close at N52.80 and N14.85 per unit respectively.

Honeywell Floor Mills and Transco Hotel followed with a gain of 9.99 per cent each to close respectively at N12.66 and N126.10 per share, Eterna Plc added 9.93 per cent to close at N48.70 per unit.

On the contrary, CWG topped losers’ chart, declining by 8.95 per cent to close at N8.65 per unit, Regal Insurance trailed with a loss of 7.89 per cent to close at N0.70 per unit, Lasaco Insurance down by 7.25 per cent to close at N3.20 per share, Royal Express sheds 7.22 per cent to close at N0.90 per unit, SCOA Plc depreciated by 6.54 per cent to close at N3.43 per unit.

Volume of transactions declined by 15.863 million representing 3.31 per cent as investors traded 462.144 million shares worth N10.233 billion in 15629 deals against 478.607 million shares valued at N11.762 billion exchanged hands the previous day in 15561 deals.

Trading in the shares of Sterling Bank led market activities during the day, exchanging 49.612 million shares valued at N296.815 million, EllahLakes followed with account of 34.504 million shares worth N133.923 million, Zenith Bank exchanged 25.549 million shares worth N1.309 billion, Access Holdings company traded 19.589 million shares cost N553.679 million, AIICO Insurance traded 18.491 million shares cost N32.202 million.