Equities market extends positive run by 1.08%

The Nigerian equities market extended its positive streak on Thursday, appreciating by 1.08 per cent, with investors’ portfolios gaining N1.003 trillion in value.

The uptrend was driven by increased investor interest in stocks such as Custodian Investment, Linkage Assurance, Oando, NAHCO, Legend Internet, and 51 other advancing equities.

Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N92.477 trillion, rose by N1.003 trillion or 1.08 per cent to close at N93.480 trillion.

Similarly, the All-Share Index added 1.08 per cent or 1,577.34 points to close at 146,981.17, compared with 145,403.83 recorded on Wednesday.

The market breadth also closed positive, with 59 gainers and only 10 losers recorded at the end of trading.

Custodian Investment and Linkage Assurance led the gainers’ chart by 10 per cent each, closing at N38.50 and N1.76 per share respectively.

Oando Plc appreciated by 9.97 per cent to settle at N43.55, while NAHCO and Legend Internet gained 9.96 per cent each to close at N106.55 and N5.74 per share.

Conversely, Austinlaz led the losers’ chart, declining by 9.96 per cent to close at N2.35 per share.

Union Dicon Salt followed with a 9.68 per cent loss to close at N7, while Sterling Nigeria dipped by 5.81 per cent to end at N7.30 per share.

NGX Group shed 5.31 per cent to close at N52.60, while Guinness Nigeria lost 5.14 per cent, finishing at N166 per share.

However, overall market activity declined, as 599.7 million shares valued at N22.7 billion were traded in 23,675 deals.

This contrasted with Wednesday’s 806.4 million shares worth N50.78 billion exchanged across 24,509 transactions.

Wema Bank emerged the most traded stock by volume, with 98.4 million shares worth N1.95 billion changing hands.

United Bank for Africa followed with 52.9 million shares valued at N2.2 billion, while Access Corporation recorded 50.9 million shares worth N1.2 billion.

Fidelity Bank traded 41.2 million shares valued at N783.9 million, and Zenith Bank exchanged 40.8 million shares worth N2.6 billion.