Equity Market Sustains Bullish Trend as Investors Gain N246bn

The equity market extended its rally to its third consecutive day as investors gained about N246bn on Wednesday, buoyed by an appreciation by Abbey Mortgage Bank, National Salt Company, First City Monument Bank and 28 other gainers.

The benchmark index and the market capitalisation of the Nigerian Exchange were up by 0.44 per cent to 98,818.04 points and N55.90tn, respectively.

Consequently, the year-to-date return improved to 32.2 per cent from 31.6 per cent.

On Tuesday, investors gained N294bn as the All-Share Index and market capitalisation rose by 0.53 per cent to settle at 98,383.04 basis points and N55.65tn, respectively.

Abbey Mortgage Bank with a 9.76 per cent appreciation to N2.70, National Salt Company grew by 9.66 per cent to N40.85 and First City Monument Bank with 9.63 per cent to close at N 7.40 led the gainers’ chart.

The losers were led by International Energy Insurance, which lost 9.68 cents to close at N1.40, Jaiz Bank shed 6.52 cents to close at 2.15 and Tantaliser lost 6.00 per cent to close at N0.47.

The buy demand in Dangote Sugar, First Bank of Nigeria Holdings, and ZENITH caused the local stock exchange to conclude on a high note.

Volume and value traded dipped by 7.3 per cent and 27.6 per cent to 518.9 million units and N4.8bn, respectively.

Four indices saw gains, indicating positive performance across covering sectors; the AFRICT and Oil & 0.5 per cent gas indices closed flat.

The Consumer and Industrial Goods indices increased by 0.9 per cent and 0.1 per cent, respectively, due to price increases in Dangote, NASCON Allied Industries Plc and West Africa Gas Pipeline Company.