Equities Market Gains N17.7billion As Bargain-hunting Resurfaces

The Nigerian Stock Market, on Thursday, September 8, held on to the existing bullish sentiment as bargain-hunting transactions for largely capitalised stocks buoyed an increase in the market value.
To this end, investors gained N17.7 billion as Market Capitalisation closed at N9.472 trillion compared to N6.5 billion gained previously when Market Capitalisation closed at N9.454 trillion

Average year-to-date return stood at -3.91 per cent. Aggregate market value of all quoted equities on the Exchange soared from its opening value of N9.448 trillion to close at N9.454 trillion, representing a marginal gain of N6 billion.

Sectoral indices underlined the tight market situation with mixed performance across the sectors. The NSE Industrial Goods Index appreciated by 1.2 per cent.

The NSE Banking Index rose by 0.2 per cent. The NSE Consumer Goods Index inched up by 0.1 per cent. However, the NSE Oil & Gas Index declined by 1.0 per cent while the NSE Insurance Index dropped by 0.1 per cent.

Turnover was above average with the exchange of 295.7 million shares valued at N3.59 billion in 3,709 deals. Banking stocks continued to dominate top activities chart.

For the second consecutive trading session, Guaranty Trust Bank was the most active stock with 68.95 million shares valued at N1.855 billion.

Access Bank followed with 30.76 million shares valued at N166.34 million while Fidelity Bank placed third with 26.96 million shares valued at N24.56 million.