Equities market edges higher, gains N1.62trn


By Motolani Oseni

The equities market of the Nigerian Exchange Limited on Wednesday edged higher as the market capitalization gained N1.62trillion to close at N55.58trillion.

At the close trading activities yesterday, the Lagos bourse benchmark index ended 3.00 per cent stronger to settle at 101,517.11 points.

This was due to continued buy interests in industrial heavyweights namely, DANGCEM (+6.49%), BUACEMENT (+9.98%) alongside BUAFOODS (+5.59%) kept the market in the green, outweighing selloffs in Tier-1 banks namely, UBA (-0.33%), ACCESSCORP (-1.22%) and FBNH (-0.78%).

Consequently, the year-to-date (YTD) return rose to 35.84 per cent, while analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 50.62 per cent.

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A total of 488.49million shares valued at N8.04billion were exchanged in 12,080 deals. TRANSCORP (+4.51%) led both the volume and value chart with 95.11million units traded in deals deals worth N1.59billion.Market breadth closed positive at a 2.94-to-1 ratio with advancing issues outnumbering the declining ones. WAPIC (+10.00%) topped thirty-four (34) others on the leader’s table while NEM (-10.00%) led twenty-eight (28) others on the laggard’s log.

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