Equity market gains further by N39bn

The market capitalisation of the Nigerian Exchange Ltd. (NGX) on Wednesday grew by N39 billion or 0.16 per cent to close at N24.434 trillion from N24.395 trillion on Tuesday.

Similarly, the All Share Index (ASI) rose by 71.64 basis points or 0.16 per cent to close at 44,859.78 basis points from 44,788.14 basis points the previous trading session.

However, market breadth remained negative as 12 stocks posted gains, while 19 stocks declined.

Multiverse Mining & Exploration and R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4.62 and 33k, while University Press followed with a gain 9.15 per cent to close at N1.79 per share.

FTN Cocoa processors went up by 7.41 per cent to close at 29k, while AIICO Insurance and Geregu Power appreciated by 5.45 per cent each to close at 58k and N116.00, per share.

On the other hand, Cutix led the losers’ chart by 6.51 per cent to close at N2.01, per share.

Jaiz Bank followed with a decline of 6.19 per cent to close at 91 kobo, while Dangote Sugar Refinery went down by 5.83 to close at N15.35 per share.

Sterling Bank lost 3.85 per cent to close at N1.50, while Sovereign Trust Insurance shed 3.85 per cent to close at 25k, per share.

The total volume traded declined by 41.26 per cent to 93.515 million shares, worth N3.383 billion, and traded in 3,187 deals.

Transactions in the shares of Geregu Power topped the activity chart with 12.794 million shares valued at N1.292 billion.

Sterling Bank followed with 9.485 million shares worth N14.276 million, while Access Holdings traded 6.318 million shares valued at N48.610 million.

Zenith Bank traded 6.246 million shares valued at N122.708 million, while Ecobank Transnational Incorporated (ETI) transacted 5.623 million shares worth N62.411 million.

On market outlook, analysts at United Capital Plc expect mixed sentiments to persist, as pre-election risks amplify and investors anticipate the release of companies’ third quarter results.