Equity market closes bullish, gains N294bn

Trading activities on the floor of Nigerian Exchange (NGX) on Tuesday closed northward, appreciating by N294 billion as bulls dominated the market.

Market capitalisation of listed equities increased by 0.53 per cent to N55.653 trillion from N55.359 trillion reported the previous day.

The NGX All Share Index also depreciated by 519.70 basis points to 98383.04 points from 97863.34 points traded on Monday.

Consequently, year to date return went up by 31.57 per cent as NGX printed 28 gainers against 14 losers.

A review of investment showed that Dangote Sugar led gainers table during the day, appreciating by 10 per cent to close at N42.90 per unit, Nascon followed with a gain of 9.88 per cent to close at N37.25 per unit, Morrison Industry gained 9.88 per cent to close at N4.45 per unit, PZ Cusson added 9.60 per cent to close at N21.70 per unit, Transnational Corporation of Nigeria gained 8.57 per cent to close at N11.40 per share.

On the contrary, Sovereign Trust Insurance topped losers chart, dropping by 9.52 per cent to close at N0.38 per unit, Universal insurance trailed with a loss of 8.33 per cent to close at N0.33 per unit, TIP fell by 5.0 per cent to close at N1.71 per unit, Wapco declined by 4.86 per cent to close at N33.30 per share, Afriprudential declined by 4.32 per cent to close at N6.65 per unit.

Volume of transactions increased by 192.629 million, representing an increase of 52.49 per cent as investors traded 559.608 million shares valued at N6.584 billion in 7790 deals against 366.979 million shares worth N5.939 billion exchanged hands the previous day in 8031 deals.

Trading for the day showed that Abbey Building Society led market activities with 277.527 million shares worth N682.717 million, AccessCorp followed with account of 81.935 million shares valued at N1.392 billion, FBNHoldings exchanged 31.509 million shares worth N683.949 million, United Bank for Africa traded 21.980 million shares cost N458.448 million, Zenith Bank traded 13.830 million shares cost N429.570 million.