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Equities market sustains bulls as investors earn N16.6bn




The Nigerian Exchange Limited closed its equities trading on Wednesday with a bullish tilt to sustain previous day’s positive sentiments.

Basically, amid sustained bargain-hunting activities at the local bourse, the All-Share Index (ASI) gained 0.06 per cent to close at 55,769.28 basis points.

Buying interest in consumer staple and energy stocks dominated the market as we saw the appreciation of share prices of large and mid-cap stocks such as Conoil MRS, BUA Foods, Flour Mills of Nigeria, Geregu Power and

Unilever Nigeria. These large capitalists companies appreciated in value by 9.96 per cent, 9.93 per cent, 5.61 per cent, 3.88 per cent, 1.68 per cent and 1.01 per cent, respectively.

Consequently, the Month-to-Date and Year-to-Date returns were unchanged at +6.4 per cent and +8.8 per cent, respectively.

Equities investors, therefore, gained N16.86 billion as the market capitalization settled higher at N30.37 trillion as against N30.35 trillion it opened the day’s trading session.

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As measured by market breadth, market sentiment was negative as 39 tickers lost relative to 30 gainers. On the performance board, Nascon and RTBriscoe topped the losers’ list having depreciated in share value by 9.8 per cent, respectively, while McNicholas and Veritas Capital recorded the highest gains of the day after their respective share prices appreciated by 10.0 per cent.

A breakdown across sub-sector gauges tracked indicated broad-based losses as most of the sub-indices tracked closed southwards: the NGX Banking, the NGX Insurance, and the NGX Industrial indices fell by 2.46 per cent, 2.52 per cent, and 0.19per cent, respectively.

On the flipside, the NGX Consumer Goods and NGX Oil/Gas indexes experienced gains of 2.08 per cent and 1.63 per cent, respectively.

Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.25 per cent. A total of 661.51 million shares valued at N19.00 billion were exchanged in 10,024 deals.

Access Holdings led the volume chart with 98.73 million units while Geregu led the value chart in deals worth N9.76 billion.

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