Equity market sustains bullish trend, gains N536bn

The local equity market on Friday sustained a growth profile, gaining N536 billion as gain recorded in the share of Dangote Sugar Refinery, Nascon and others lifted the market.

Market capitalisation of listed equities increased by 1.47 per cent to N36.958 trillion from N36.422 trillion reported the previous day.

The NGX All Share Index also appreciated by 978.20 basis points to 67527.19 points from 66548.99 points reported the previous day.

An analysis of the investment showed that Dangote Sugar Refinery, Lasaco Insurance and Tantalizer led gainers table with 10 per cent each to close at N60.50, N1.98 per share and N0.33 per unit respectively.

Nascon followed with a gain of 9.99 per cent to close at N55.60 per unit and Nahco added 9.96 per cent to close at N25.95 per share.

On the contrary, Prestige insurance topped losers chart, declining by 8.70 per cent to N0.42 per unit, Glaxosmith followed with a gain of 6.47 per cent to close at N13.00, Honeywell floor fell by 5.88 per cent to close at N3.20 per unit, Champion Breweries fell by 5.71 per cent to close at N3.30 per unit while May & Baker dipped by 4.90 per cent to N4.85 per unit.

The trading result further showed that the volume of trades declined by 117.235 million, representing 18.87 per cent as investors traded 503.747 million shares valued at N6.915 billion in 7606 deals against 620.982 million shares worth N7.180 billion exchanged hands the previous day in 7972 deals.

Transactions in the shares of Transnational Corporation of Nigeria led market activities with 83.312 million shares valued at N541.814 million, Fidelity Bank followed with account of 58.332 million shares worth N449.245 million, AccessCorp traded 34.545 million shares cost N588.163 million, Sterling Bank exchanged 31.434 million shares cost N106.536 million while Jaiz Bank traded 21.214 million shares valued at N32.327 million.