Again, equity market gains N1.616trn

The local equity market Wednesday maintained a positive position as the benchmark index surged by 2.99 per cent to close in the green region.

The market appreciated by 2954.14 basis points to 101,571.11 points from 98616.97 points.

Market capitalisation of listed equities also increased by N1.616 trillion or 2.99 per cent to N55.583 trillion from N53.967 trillion reported the previous day.

The up-trend contributed substantially to year to date return of 35.84 per cent as the number of the NSE printed 35 gainers against 32 losers.

An analysis of the investment showed that Wapic Insurance led gainers table with 10 per cent to close at N0.88 per unit, BuaCement followed with a gain of 9.98 per cent to close at N179.65 per unit, Japaul Gold increased by 9.91 per cent to close at N2.55 per share, UPL added 9.82 per cent to N3.69 per share while Triple G up by 9.96 per cent to close at N2.83 per share.

On the contrary, NEM Insurance recorded the highest loss on Wednesday, shedding 10 per cent to close at N7.20 per unit, Cadbury Nigeria Plc trailed with 9.96 per cent to close at N23.50 per share, TIP dipped by 9.92 per cent to close at N2.27 per share, May and Baker fell by 9.89 per cent to N6.65 per unit, Mcnichols down by 9.88 per cent to close at N1.46 per share.

Volume of activities declined by 259.02 million, representing 34.65 per cent as investors traded 488.490 million shares valued at N8.036 billion in 12080 deals against 747.51 million shares worth N16.28 billion exchanged hands the previous day in 16589 deals.

Transactions in the shares of Transnational Corporation of Nigeria (Transcorps) led market activities with 95.108 million shares valued at N1.588 billion, Universal insurance followed with account of 45.629 million worth N18.600 per unit, Unity Bank traded 27.343 million shares valued at N74.119 million, Jaiz Bank exchanged 26.961 million shares cost N76.917 million, Jaiz Bank traded 25.324 million shares worth N64.312 million.