Joshs Finance

Stock market gains N87bn in bullish trading – Punch Newspapers

Investors gained N87bn on Wednesday at the end of trading on the floor of the Nigerian Exchange Limited.

The market capitalisation of equities listed on the Nigerian Exchange Limited rose to N25.536tn on Wednesday from N25.449tn on Tuesday.

The NGX All-Share Index also rose to 47,367.31 basis points from 47,205.03 basis points.

Thirty one companies recorded gains at the end of trading on Wednesday, while 17 companies recorded loses.

A total of 391.89 million shares valued at N 9.95bn were traded by investors in 5,419 deals.

MEYER topped the gainers list after gaining 13 kobo as its share price rose by 9.56 per cent to close at N1.49.

IKEJAHOTEL, CAVERTON and UBN’s share price also rose by 9.24 per cent, 6.78 per cent and 6.56 per cent to close at N1.30, N1.26 and N6.50 respectively.

SUNUASSUR topped the loser’s list as its share price fell by 7.69 per cent to close at 36 kobo, while other top losers were STERLNBANK, FGS202369 and UNILEVER’s share prices fell by six per cent, 5.27 per cent and 4.51 per cent to close at N1.41, N90 and N12.70 per cent respectively.

Analysts expected to see a continuous bullish sentiment, as it seemed investors were pumping capital earlier taken out, back into the market.

Parthian Securities noted that equity market maintained bullish streak as the ASI and market capitalisation increased by 0.34 per cent.

The firm noted that the market continued to see a heavy buy sentiment today as trade value more than doubled.

On expectation for Thursday, the firm said, “We expect to see a continuous bullish sentiment, as it seems investors are pumping capital taken out, back into the market,” it stated.

Copyright PUNCH.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Leave a Comment

Your email address will not be published. Required fields are marked *