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Market ups boom as investors gain N324bn

The gaining streak persisted in Wednesday’s trade as the benchmark index advanced 1.9 per cent to close at 33,268.36 points on the back of gains…

The gaining streak persisted in Wednesday’s trade as the benchmark index advanced 1.9 per cent to close at 33,268.36 points on the back of gains in MTNN (+2.4%), Nigerian Breweries (+9.5%) and BUA Cement (+2.4%).

Consequently, investors gained ₦324.6 billion as market capitalisation rose to ₦17.4 trillion while year to date return improved to 23.9%.

Meanwhile, activity level surged as volume and value traded increased by 48.3% and 17% to 858.2 million units and ₦9.1bn respectively.

The most traded stocks by volume were FBNH (145.1m units), Transcorp (126.3m units) and Zenith (60.8m units) while Zenith (₦1.5bn), GTB (₦1.2bn) and Dangote Cement (₦1.1bn) led by value.

Performance remained positive for all the 6 indices under review. The Banking and Consumer Goods indices advanced 4.1% and 2.6% to lead the gainers. It was stimulated by price rise in Zenith (+4.5%), GTB (+2.9%), and Nigerian Breweries (+9.5%).

Similarly, the AFR-ICT and Oil & Gas indicators advanced 1.4% and 1.3% on account of buying interest in MTNN (+2.4%), OANDO (+9.8%) and ARDOVA (+3.8%).

The Insurance and Industrial Goods indices strengthened by 1.2% and 1.1% as investors positioned in Cornerstone (+3.3percent), WAPCO (+3.8 percent) and BUA Cement (+2.4 percent).

Neimeth, Fidson, Sterling and Guinness were the top gainers while LEARNAFR, CIleasing and Stanbic led the decliners.