Equity market gains N1.566trn

The positive outing on the Nigerian Exchange was sustained Tuesday as the equity market appreciated by N1.566 trillion.

Market capitalisation of listed equities increased by 3.56 per cent to N45.523 trillion from N43.957 trillion reported the previous day.

Also, the benchmark NGX All-Share index closed higher on a huge traded volume and positive market breadth, thereby extending the bull rampage for the eight successive sessions in the midst of funds flowing into the equity space to support the markup phase while indexes and prices are hitting new highs.

Specifically, the index went up by 2867.31 basis points to 83191.84 points from 80324.53 points reported on Monday.

The market activities were lifted following the increase in the share price of Dangote Cement, Buafood, FBNHoldings, Dangote Sugar, FTNCocoa, AccessCorp, Cap, Unilever Nigeria Plc and among others.

An analysis of the investment showed that seven listed companies recorded 10 per cent growth at the end of day. Some of them are Guinea Insurance, Unilever Nigeria Plc and Mutual Benefits which gained 10 per cent each to close at N0.44, N18.15 and N0.77 per share respectively. Universal insurance and Cadbury Nigeria Plc also appreciated by 10 per cent to close respectively at N0.33 and N18.15 per unit.

On the contrary, Total Nigeria Plc recorded the highest loss for the day, shedding 10 per cent to close at N346.50 per unit, DAAR Communications trailed with a loss of 9.40 per cent to close at N1.06 per unit, RTBriscoe fell by 8.45 per cent to close at N0.65 per share, SUNU Assurance dipped by 7.69 per cent to close at N1.20 per unit, Prestige insurance declined by 7.41 per cent to close at N0.50 per unit.

Volume of trading increased by 219 million, representing18.40 per cent as investors traded 1.409 billion shares valued at N24.681 billion in 17144 deals against 1.190 billion shares worth N15.256 billion exchanged hands the previous day in 16081 deals.

Transactions in the shares of Fidelity Bank led market activities with 141.748 million shares valued at N1.965 billion, FCMB group followed with account of 128.974 million shares cost N1.485 billion, United Bank for Africa exchanged 117.712 million shares worth N3.778 billion, Transnational Corporation of Nigeria (Transcorps) traded 108.340 million shares cost N1.575 billion while Access Bank exchanged 85.207 million shares valued at N2.525 billion.