Nigerian Stock Exchange Sustains Bullish Run

• Nigerian Stock Exchange Sustains Bullish Run

Activity on the Nigerian Stock Exchange strengthened on Wednesday as 26 firms emerged gainers despite the decline recorded at the start of the week.

The market capitalisation of listed equities increased from N12.084 trillion on Tuesday to close at N12.162 trillion on Wednesday. Representing a profit of N77.5 billion.

All-Share Index rose by 0.64 per cent to 32,614.06 basis points to push the year-to-date return to 3.8 per cent.

Activity level also surged during the trading hours as 443.784 million shares worth N5.642 billion were exchanged in 4,697 transactions.

Top traded stocks by volume were Sterling Bank Plc (105.8 million units), Guaranty Trust Bank Plc (37.4 million units) and United Bank for Africa Plc (33 million units), while GTB (N1.4bn), Nestle Nigeria Plc (N1.2bn) and Zenith Bank (N434m) were the top traded stocks by value.

Four sectors closed in the green, however, consumer goods were the biggest gainer, rising by 1.4 per cent on the back of renewed interest in Nigerian Breweries and Dangote Flour Mills Plc.

The insurance sector improved by 1.2 per cent, while oil and gas and banking sectors rose by 1 per cent and 0.8 per cent, respectively.

Investors sentiment gauge showed growing confidence among investors, the gauge strengthened from 1.1x on Tuesday to 1.6x on Wednesday.