Equity market extends rally as index gains 1.06%

Equity market extends rally as index gains 1.06%

The Nigerian equities market extended its positive momentum for the second consecutive session on Tuesday, as renewed buying interest continued to drive capital appreciation across the bourse.

The benchmark All-Share Index gained 2,524.00 points, representing a growth of 1.06 per cent to close at 240,743.19 points.

Similarly, the total market capitalisation of listed equities rose by N1.64tn to settle at N154.48tn.

The market’s upturn was primarily driven by gains recorded in medium and large-capitalised stocks, including Airtel Africa, Guaranty Trust Holding Company, Transnational Corporations, Lafarge Africa, and Zichis Agro Allied Industries.

Investor sentiment remained strongly positive as market breadth closed with 33 advancing stocks outperforming 23 declining counters.

Guinea Insurance and telecommunications giant, Airtel Africa, led the gainers’ chart with a maximum daily price appreciation of 10 per cent each, closing at N1.10 and N4,358.80 per share, respectively.

International Energy Insurance followed closely, gaining 9.89 per cent to close at N6.11 per share.

Tripple Gee & Company advanced 9.82 per cent to finish at N3.69, while Cornerstone Insurance rose 9.76 per cent to close at N6.75 per share.

On the losing side, Red Star Express led the laggards, depreciating 9.96 per cent to close at N24.85 per share.

Premier Paints followed with a 9.93 per cent decline to close at N30.40, while Trans-Nationwide Express dropped 9.82 per cent to finish at N4.04 per share.

Royal Exchange also shed 9.38 per cent of its value to close at N1.45, while Abbey Mortgage Bank fell  9.29 per cent to close at N8.30 per share.

Activity levels on the trading floor spiked significantly, with the total volume of shares traded surging 15.74 per cent to 564.91 billion units.

The traded shares, which were valued at N39.35bn, were executed by investors in 49,230 deals.

Transactions in the shares of Fidelity Bank dominated the volume chart, accounting for 59.37 million shares valued at N1.08bn.

Zenith Bank followed as the second most traded stock, exchanging 49.53 million shares worth N5.86bn, while Dangote Sugar Refinery recorded 43.12 million shares valued at N3.13bn.

Rounding off the top five most active equities, Chams Holding Company traded 39.51 million shares valued at N156.46m.

Access Holdings completed the activity chart, selling 30.71 million shares worth N703.63m.

Source: https://punchng.com/equity-market-extends-rally-as-index-gains-1-06/