Nigerian bourse continues bullish rally as Index up by 1.31% as investors gain N449bn

Nigerian equities market on Tuesday sustained its bullish run as market capitalization gained N449 billion, as investors’ interest in Dangote Cement Plc and 49 others added to their opening value.

The market All-Share Index (ASI) gained 823.37 basis points, which amount to 1.31 per cent to close at 63,766.72 points while market capitalisation closed at N34.722 trillion having added N449 billion to its opening value.

The large and medium capitalised stocks drove the upward trend as led by Dangote Cement, Transcorp Hotels, Eterna, PZ Cussons Nigeria and NASCON Allied Industry, among others.

As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 20 losers.

Honeywell Flour Mills, NEM Insurance and NPF Microfinance Bank emerged as the highest price gainer of 10 per cent each to close at N3.30, N5.94 and N1.87 per share, respectively, per share.

Eterna followed with a gain of 9.92 per cent to close at N26.05 while PZ Cussons Nigeria advanced by 9.88 per cent to close at N17.80 per share.

Japaul Gold & Ventures led others on the losers’ chart with 10.00 per cent to close at 81 kobo, per share. FTN Cocoa processors followed with a decline of 9.84 per cent to close at N2.29, while Courteville Business Solutions shed 8.64 per cent to close at 74 kobo per share.

Sovereign Trust Insurance lost 8.16 per cent to close at 45 kobo, while Secure Electronic Technology depreciated by 8.11 per cent to close at 34 kobo per share.

The total volume of trades increased by 22.36 per cent to 868.803 million units, valued at N42.807 billion, and exchanged in 8,970 deals.

Transactions in the shares of FCMB Group led the activity with 153.879 million shares worth N956.074 million. Japaul Gold and Ventures followed, accounting for 110.534 million shares valued at N90.948 million, while Dangote Cement traded 104.883 million shares valued at N35.815 billion.

Access Holdings traded 49.544 million shares worth N849.240 million, while Fidelity Bank traded 41.906 million shares worth N312.593 million.