Stock market sustains bullish trend with N677bn gain

Nigerian stock market continued on a bullish trend on Thursday, gaining N677 billion, representing a two-day positive trend.

Market capitalisation rose by N677 billion or 0.92 per cent, closing at N74.358 trillion when compared to N73.681 trillion recorded on Wednesday.

Similarly, the All-Share Index (ASI) climbed 1,074.26 points or 0.92 per cent, reaching 117,861.13 from 116,786.87 recorded on Wednesday.

The uptrend was driven by strong buying interest in medium and large-capitalised stocks like Ikeja Hotel, Beta Glass, Legend Internet, University Press, Eterna and 38 other stocks.

The market breadth closed positive with 43 gainers and 20 losers.

On the gainers’ chart, Ikeja Hotel increased by 10 per cent, closing at N15.40 while Beta Glass rose by 9.98 per cent, ending the session at N276 per share.

Legend Internet soared by 9.92 per cent, finishing at N7.20 and University Press gained by 9.85 per cent, settling at N6.02 per share.

Sumilarly, Eterna climbed by 9.82 per cent, closing at N42.50 per share.

On the flip side, Guinea Insurance dropped by 9.21 per cent, settling at 69k while Haldane McCall declined by 5.88 per cent, finishing at N4.00 per share.

Cileasing fell by 5.84 per cent, closing at N4.35 and McNichols Plc shed by 5.58 per cent, ending the session at N2.20 per share.

Also, Fidson Healthcare lost by 4.65 per cent, closing at N41 per share.

A total of 893.97 million shares worth N22.03 billion was exchanged across 17,257 transactions.

Transactions in the shares of Champion Breweries topped the activity chart with 332.29 million shares valued at N2.27 billion.

Guaranty Trust Holding Company followed with 62.67 million worth N5 billion while PZ Cussons sold 46.58 million shares valued at N1.48 billion.

Zenith Bank traded 37.55 million shares worth N1.89 billion and Access Corporation transacted 35.99 million valued N787.11 million. (NAN)

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