Equity market remains bullish, up by 0.12%

The nation’s equity market on Wednesday remained on a bullish note with bargain buying on Nestle and other 10 stocks.

Specificaly, the market capitalisation rose by N32 billion or 0.12 per cent to close at N26.376 trillion compared with N26.344 trillion posted on Tueday.

Similarly, the All-Share Index inched higher by 59.8 points or 0.12 per cent to close at 48,426.49 from 48,366.69 achieved on Tuesday.

Accordingly, the year-to-date return increased to 13.37 per cent.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongstInvestors interests in Nestle, Nigerian Breweries and Geregu Power.

Market sentiment closed negative with 11 gainers in relative to 18 losers.
Thomas Wyatt Nigeria dominated the gainers’ chart in percentage terms by 10 per cent to close at 44k per share.

JapualGold and Venture followed with 7.41 per cent to close at 29k, while Honeywell Flour Mill rose by 6.14 per cent to close at N2.42 per share.

Mayer and Baker improved by 5.26 per cent to close at N4, while First City Monument Bank appreciated by 4.62 per cent to close at N3.40 per share.

On the other hand, Nigerian Breweries led the losers’ chart in percentage terms by 16.30 per cent to close at N38.50 per share.

Scoa Nigeria followed with 9.38 per cent to close at 87k while Unity Bank lost by 7.62 per cent to close at 53k per share.

Cornerstone lnsurance lost 6.25 per cent to close at N45, while Courtville Business Solutions shed six per cent to close at 47k per share.

Meanwhile, the total volume of shares traded declined by 5.55 per cent to 146.21 million shares worth N3.36 billion traded in 2,810 deals.