Equities Sustain Bullish Trend as Investors Gain N72b

November 8, 2017
Equities Market bearish bullish

By Dipo Olowookere

The Nigerian equity market’s gaining streak was extended to the second consecutive day on Wednesday with the market indices rising by 0.34 percent at the close of business.

Investors gained N72 billion in the midweek trading session despite being cautious of market conditions as well as happenings in the country.

This was reflected in the volume of trades recorded today at the market, which depreciated by 36.60 percent from 305.171 million to 193.477 million, while the total value of stock traded decreased by 37.79 percent from N2.905 billion to N1.807 billion.

The Financial Services sector led the activity chart with 159.069 million shares exchanged for N931 million, while Consumer Goods followed with 14.138 million shares traded for N689 million.

Diamond Bank attracted the highest attention from investors, trading a total of 36.3 million shares worth N43.6 million.

FBN Holding came second with 35.2 million shares sold for N248.8 million, and Fidelity Bank came third with 19.5 million shares transacted for N33 million.

FCMB traded 17.5 million shares at N20.9 million, while AIICO exchanged 9.5 million worth N5 million.

On the price movement chart, International Breweries led the price gainers after growing by N4.20k to close at N45.20k per share.

Dangote Cement rose by N2 to settle at N231 per share, while NASCON advanced by 46k to close at N15.98k per share.

Cadbury appreciated by 40k to finish at N10.75k per share, and FBN Holdings increased by 12k to end at N7.19k per share.

On the flip side, 7up depreciated by 60k to close at N87.40k per share, and Flour Mills of Nigeria followed with 50k loss to finish at N34 per share.

Zenith Bank went down by 22k to end at N25.58k per share, Nigerian Breweries fell by 21k to settle at N143.89k per share, while Red Star Express declined by 18k to close at N4.80k per share.

Business Post reports that at the close of trading today, the All-Share Index (ASI) increased by 208.14 points to close at 37,138.97 points, while the market capitalisation improved by N72 billion to settle at N12.9 trillion.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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