Equity market extends rally with N329bn gain

The Nigerian exchange maintained its positive trading trend for the second consecutive day as it gained N329bn.

The All-Share Index and the market capitalisation rose by 0.58 per cent to close at 104,100 points and N56.961tn, respectively as the market year-to-date gain climbed to 39.22 per cent.

However, the market breadth, which is a measure of investors’ sentiments, was negative as reflected in 24 gainers and 27 losers at the close of trading.

University Press (9.96 per cent), Juli Plc (9.84 per cent), Mutual Benefits Assurance (9.38 per cent), Daar Communications (8.82 per cent), and Honeywell Flour Mill (7.50 per cent) contributed to the upward movement of the ASI.

Performance across sub-sector gauges was relatively positive as the insurance, consumer goods and industrial goods indices increased by 0.18 per cent, 0.22 per cent and 1.95 per cent, respectively.

The banking index declined 1.32 per cent while the oil and gas sector had a lull performance.

Despite the rise in ASI, trading activities on the NGX were lackluster compared to the previous day with total traded value dipping by 42.89 per cent to N6.91bn

The volume of traded equities also fell by 33.35 per cent to 284.49 million units, while the number of deals lowered by 5.62 per cent to 8,168.

The major decliners for the day were Unilever, Julius Berger and Morison which lost 9.80 per cent, 9.64 per cent and 9.60 per cent respectively to close at N16.10, N50.60 and N2.73 each.

Guaranty Trust Holding Company emerged as the most traded security in terms of volume and value, with 56.61 million units worth N2.22bn, changing hands in 326 deals.

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