Nigeria’s equity market rallies 2.4% as Access Bank sells N8.3 bln in one-off-transaction
By Samuel Bankole
Nigeria’s equity market rallied aggressively on Wednesday with the main index advancing by 2.4 percent at the close of trading, driven by gains in Bua Cement and Nigerian Breweries.
The All Share Index (ASI) climbed to 38,803.74 points, a fresh two-and-half year high and extending the year-to-date gain to 44.6 percent.
The performance was buoyed by buying interest in Airtel Africa, which gained 10 percent, Bua Cement, which rose by 9.1 percent and the Nigerian breweries with 1.8 percent gain.
The market capitalisation of equities listed on the NSE increased to N20.281 trillion from N19.805 trillion the previous trading day.
The total volume traded closed with an exchange of 1,497.174 million units valued at N18.75 billion traded in 4,316 deals. The market breadth was positive with 26 gainers as against 7 losers.
The NSE 30 Index increased by 1.12 percent to close at 1,569.31 points as against 1,551.87 points as on the previous day. Market turnover closed with traded volume of 234.28 million units.
Meanwhile, an unidentified investor bought about 1.03 billion shares of Nigeria’s Access Bank at N8.10 each on Wednesday in a one-off stock market deal valued at N8.34 billion naira, a Reuters report showed.
Chapel Hill Denham Securities was named as the financial advisor that negotiated the one off deal on the floor of the Nigerian Stock Exchange (NSE)..
The share of the bank later gained Access Bank’s shares traded at 8.55 naira by market close.
Access acquired rival Diamond Bank in 2019 to become Nigeria’s biggest lender.