Domestic equity closes higher, gains N846bn

Domestic equity market Wednesday sustained growth profile appreciating by N846 billion as gain recorded by Dangote Sugar, GTCO Plc, Zenith Bank, Eterna, Buafoods Conoil and other 72 stocks lifted market activities

Specifically, market capitalisation of listed equities went up by 2.034 per cent to N42.429 trillion from N41.583 trillion recorded the previous day.

The NGX All Share Index also appreciated by 1546.69 basis points to 77537.57 points from 75990.88 points traded on Tuesday.

Operators said that investors increase their Investment in the dividend paying stocks to position them for higher earnings at the end of 2023 financial year

An analysis of the Investment showed that five companies recorded 10 per cent gain at the close of transaction on Wednesday.

Dangote Sugar, Morison industry, FCMB led gainers table with 10 per cent each to close at N63.25, N3.08 per cent and N8.25 per cent respectively. UPL and Berger Paint also gained 10 per cent respectively to close at N12.64 and N14.30 per share.

On the contrary Learn Africa recorded the highest loss, dropping 9.09 per cent to close at N2.90 per unit, Champion Breweries trailed with a loss of 7.32 per cent to close at N3.80 per unit, C&I Leasing fell by 2.33 per cent to close at N5.03 per share, NGX group dipped by 1.70 per cent to close at N23.10 per unit, Ellah Lakes down by 1.64 per cent to close at N3.00 per share.

Volume of transactions increased by 411.751 million, representing 79.83 per cent as investors traded 927.558 million in N10.691 billion in 11629 deals against 515.807 million shares costing N5.573 billion in 9370 deals.

Transaction in the shares of Fidelity Bank plc led market activities with 108.112 million shares valued at N1.312 billion, FCMB group followed with an account of 79.062 million shares costing N644.032 million. United Bank for Africa traded 55.503 million shares at N1.544 billion; Universal insurance exchanged 50.597 million shares at N138.460, while AccessCorp traded 46.872 million shares worth N1.184 billion.