Nigeria’s equity market rises 0.83%, driven by bargain hunting
The Nigerian equity market again closed on a positive note on Wednesday, driven by activities of bargain hunters take advantage of market valuation to position ahead of the third quarter’s financials.
The market main indicator, the All-Share Index (ASI) rose 0.83 percent to close at 26,831.76 points, compared with 26,611.96 points the market closed the previous day.
Also, the market cap of equities listed on the NSE increased to ₦14.025 trillion from ₦13.908 trillion the previous day while the total volume traded closed with an exchange of 322.773 million units valued at ₦4.04 billion traded in 4,046 deals.
The market breadth was positive with 20 gainers as against 8 losers.
The market capitalisation was boosted by the listing of additional 146,878,241 ordinary shares of Dangote Sugar Refinery, which was the fallout from the merger of the company with Savannah Sugar Company Limited.
Fuel marketer, Total led the gainers’ chart with the maximum 10 percent gain followed by shares in Sterling Bank, which sustained the previous day’s rally with a fresh 4.92 percent rally.
Shares in FCMB Group rose by 4.29 percent, Custodian gained 4 percent while Guaranty Trust Bank rallied by 3.70 percent at the end of the day’s trading.
The NSE 30 Index increased by 0.95 percent to close at 1,148.54 points as against 1,137.77 points as on the previous day. Market turnover closed with traded volume of 258.35 million units.