Investors Gain N165bn in Equity Market
The equity market on Tuesday returned to the green zone following two days of bearish activities.
Investors saw N165bn added to their wealth, having lost about N2.5tn during the two previous trading sessions.
The Nigerian Exchange rose by 0.30 per cent, with the benchmark index settling at 101,362.38 points and the market capitalisation closed at N55.46tn, as the market year-to-date gain improved to 35.56 per cent.
Market sentiments remained negative with 43 equities gaining and 11 losing.
Mid and large cap stocks such as FBN Holdings, BUA Cement, Eterna Plc, and United Bank for Africa experienced buy-interest, causing their prices to rise by 9.96 per cent, 4.93 per cent, 2.03 per cent and 0.21 per cent, repectively.
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On the weak side, Okomu Oil (-10 per cent), Morison Industries Plc (-9.69 per cent), Sterling Financial Holdings (-9.58 per cent), JAPAULGOLD, (-9.34 per cent) and Caverton (-9.19 per cent) topped the losers chart.
The market movers were the stocks of Access Corp, Zenith Bank and MTN Nigeria.
The banking, oil/gas and industrial indices advanced by 0.31 per cent, 0.07 per cent, and 1.60 per cent, respectively, while the insurance and consumer goods sectors dipped by 2.50 per cent and 0.24 per cent, respectively.
Trading activity levels remained subdued as the total deals and traded value declined by 1.96 per cent and 1.15 per cent to 8,611 trades and N6.55bn, respectively.
However, the total traded volume increased by 18.19 per cent to 302.74 million units.
FBN Holdings took the spotlight as the most actively traded stock in terms of volume and value, exchanging 39.38 million units valued at N1.10bn across 339 deals.
FBN Holdings’ market cap stood at N1.03tn on Wednesday.
