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Nigerian equity market extends gain to four consecutive sessions

Felix Oloyede

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Consumer goods, banking, industrial goods sectors lift Nigerian equity market 1.5% w/w

Bargain hunting activities in ACCESS, DANGSUGAR, and WAPCO propelled the Nigerian equity market to fourth consecutive trading session gain on Wednesday.

The All-Share Index rose by 0.22% to 38,501.31 points, while market capitalisation rose by ₦43.4billion to ₦20.1trillion as the market loss for the year improved to -4.4%.

Trading activity improved as volume and value traded rose 2.5% and 6.0% respectively to 296.1m units and ₦2.6bn. The most traded stocks by volume were FBNH (34.8m units), ACCESS (28.7m units), and ZENITH (27.7m units) while ZENITH (₦689.2m), GTCO (₦357.1m), and ACCESS (₦271.7m) led by value.

The Insurance and Banking indices led the gainers, up 0.6% and 0.5% respectively following buying interest in WAPIC (+5.4%), CUSTODIAN (+4.8%), ACCESS (+2.7%), and ZENITH (+0.8%).

Furthermore, gains in OANDO (+2.6%) drove the Oil & Gas index higher, up 0.4%. Similarly, the Industrial and Consumer Goods indices rose by 0.1% apiece due to price appreciation in WAPCO (+1.6%), DANGSUGAR (+2.0%), FLOURMILL (+0.2%).

Of the 22 stocks which gained, CUTIX (+10.0%), JOHNHOLT (+9.8%), and UAC-PROP (+9.7%) led while BOCGAS (-9.9%), BERGER (-9.6%) and COURTVILLE (-4.5%) led nine other decliners.

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