NGX extends gaining streak by 0.61% to N180.23bn

By Temitope Adebayo

The equities market of the Nigerian Exchange Limited (NGX) on Thursday extended its gaining streak by 0.61 per cent, as market capitalisation increased by N180.23billion to close at N29.77trillion.

The Lagos bourse, also, edged higher as the benchmark index advanced to close at 54,646.38 points, the highest level since 15 July 2008.

Gains in BUAFOODS (+8.87%), WAPCO (+1.18%) as well as Tier-1 banking names, ZENITHBANK (+0.60%), GTCO (+-0.40%) and FBNH (+0.43%) drove the market’s overall performance.

The gain puts the index on track for a weekly gain. The year-to-date (YTD) return rose to 6.62 per cent, while market capitalization gained N180.23billion to close at N29.77trillion.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 52.92 per cent.

A total of 142.04m shares valued at N1.85billion were exchanged in 2,651 deals. UBA (+0.60%) led the volume chart with 32.42million units traded while ZENITHBANK (+0.60%) led the value chart in deals worth N11.53million.

Market breadth closed positive at a 3.5-to-1 ratio with advancing issues outnumbering declining ones.

BUAFOODS (+8.87%) topped twenty (20) others on the leader’s log while NEIMETH (-6.45%) led five (5) others on the leader’s table.