Equities sustain upswing momentum, as investors gain N94bn

Trading on the floor of the Nigerian Stock exchange on Wednesday remained resilient as the All-Share Index advanced 75bps to settle at 24,097.48 points due to bargain hunting in Guaranty Trust Bank (+6.9percent), WAPCO (+10.0percent) and Zenith Bank (+1.8percent).

Consequently, market capitalisation settled at N12.7tn as investors gained N94.2bn while year to date loss moderated to -9.6percent.

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The activity level rose as volume and value traded increased by 39.6percent and 72.3percent to 232.6m units and N4.7bn respectively.

The most active stocks by volume were Fidelity Bank (38.0m units), MTNN (28.0m units) and WAPCO (23.1m units) while MTNN (N3.2bn), GTB (N403.6m) and Zenith (N276.4m) topped the value chart.

Performance remained mixed as 3 of 6 indices that we cover gained, 2 lost while the AFR-ICT index closed flat.

Investor sentiment as measured by market breadth jumped to 3.1x from the 0.9x recorded in the previous session as 25 stocks advanced against the 8 that declined.