Equity market remains bullish, gains N268bn

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Domestic equity market on Wednesday remained bullish, gaining N268 billion following gain recorded by some medium and large stocks.

Market capitalisation of listed equities increased by 0.95 per cent to N28.367 trillion from N28.099 trillion reported the previous day.

The NGX All Share Index also appreciated by 491.13 basis points to 52097.62 points from 51606.49 points reported on Tuesday.

The market gain was driven by price appreciation in large and medium stocks, amongst which are Total, Cadbury Nigeria Plc, Honey Well Flour Mills among others.

An analysis of the investment showed that Academy Press and Live Stock Feeds led gainers table during the day in percentage terms, gaining 10 per cent each to close at N1.43 and N1.10 per unit respectively. Total followed with a gain of 9.96 per cent to close at N217.50 per share, Cadbury Nigeria Plc gained 9.80 per cent to N11.20 per unit, Honey Well Flour Mills Nigeria Plc up by 9.80 per cent to close at N2.80 per unit.

On the contrary, Fidelity Bank topped losers chart, declining by 6.57 per cent to close at N5.26 per unit, Fidson healthcare trailed with loss of 5.56 per cent to close at N8.50 per share, Linkage Assurance down by 4.35 per cent to close at N0.44 per unit, Mansard insurance dipped by 3.28 per cent to close at N2.36 per unit while Jaiz Bank fell by 3.26 per cent to close at N0.89 per share.

United Capital Plc had earlier said “we expect bullish sentiments to resurface as investors look to take advantage of fundamentally sound stocks with low pricing, with Q1 2023 earnings season already underway. However, we see room for pockets of profit-taking activities.