NSE Market Gains 2.40%

The bullish run in the Nigerian equities market was extended yesterday as sustained buying interest from investors lifted the All Share Index above the 30,000 points mark to an eight-month high.

Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 705.81 absolute points or 2.40 per cent to close at 30,127.82 points. Similarly, the market capitalization gained N242.17 billion to close at N10.34 trillion.

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Capital market analysts said the positive was driven by domestic investors riding on the wave of expectation of Foreign Portfolio Investors (FPI) return to the market.

“We are of the opinion that the positive market breadth on the back of improved optimism will sustain the gains in the next trading session albeit with possibility of profiteering tendencies,” they said.

Market breadth was positive, with 31 gainers versus 16 losers. Total volume traded rose by 1.60 per cent to 541.87 million shares, valued at N7.93 billion, and traded in 5,727 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 96.35 million shares valued at N2.23 billion, as most traded equities as measured by volume.

Access Bank followed with 84 million shares worth N523.42 million, while Zenith Bank traded 60 million shares valued at N1.02 billion.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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