Equity market gains N132bn

The local equity market on Wednesday returned to bullish trend, gaining N132 billion as gain in the shares of FBNHoldings, Nestje Nigeria Plc , Zenith Bank, Stanbic IBTC, Fidelity Bank outweigh loss in the shares of Oando, Linkage Assurance, Wapic Sovereign Trust Insurance veritas Kapital and 20 others.

Market capitalisation of listed equity grew by 0.24 per cent to N56.163 trillion from N56.031 trillion it closed on Tuesday.

The NGX All Share Index also appreciated by by 233.36 basis points to 99284.38 points from 99051.02 points reported the previous day.

As result year to date return went up by 32.78 per cent as 18 companies closed in green while 32 firm closed in red.

An analysis of the investment showed that Eterna Plc led gainers table, appreciating by 9.80 per cent to close at N13.45 per unit, Redstarex followed with a gain of 9.76 per cent to close at N3.71 per share, Stanbic IBTC gained 9.62 per cent to close at N57.00, Fidelity Bank added 8.00 per cent to close at N10.80 per share, International Breweries gained 7.84 per cent to close at N3.99 per unit.

On the contrary, Oando Plc topped losers chart, dropping by 9.86 per cent to close at N12.80 per share, Linkage Assurance trailed with a loss of 9.41 per cent to close at N0.77 per share, Sovereign Trust Insurance and Veritas Kapital down by 8.70 per cent each to close at N0.42 and N0.63 per share respectively, Wapic Insurance dipped 8.57 per cent to close at N0.64 per share.

Volume of trades declined by 39.252 million, representing 11.29 per cent as investors traded 308.136 million shares valued at N4.862 billion in 7690 deals against 347.388 million shares worth N7.656 billion in 8122 deals.

Transactions in the shares of Fidelity Bank led market activities with 84.050 million shares valued at N883.221 million, Oando Plc followed with account of 52.519 million shares valued at N710.806 million, Veritas Kapital traded 19.403 million shares cost N12.445 million, Unity Bank exchanged 11.977 million shares cost N15.378 million while Transnational Corporation of Nigeria sold a total of 11.130 million shares cost N117.664 million.