Investors rally in 63 equities lift market capitalisation to N76.76trn

Investors rally in 63 equities on Wednesday pushed the Nigerian Exchange Limited (NGX) market capitalisation to N76.76 trillion as local market sustained its positive momentum.

As of the close of trading on Wednesday, the market capitalisation gained N1.19 trillion to close at N76.761 trillion from N75.576 trillion it opened for trading.

The stock price of BUA Cement that gained 8.7per cent, Zenith Bank that advanced by 9.4per cent, and Oando that appreciated by 10per cent drove a 1.2per cent increase in the NGX ASI to 121,257.69 basis points.

Accordingly, the NGX ASI in its Month-to-Date and Year-to-Date returns settled at +8.5per cent and +17.8per cent, respectively.

This uptrend was fueled by strong buying interest in medium and large-capitalised stocks including Dangote Sugar, Oando, Cileasing, Champion Breweries and 59 other stocks.

Also, the market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ chart, Dangote Sugar rose by 10 per cent, closing at N48.40 while Oando Plc also increased by 10 per cent, settling at N68.75 per share.

Cileasing grew by 9.98 per cent, finishing at N5.18 and Champion Breweries soared by 9.98 per cent, ending the session at N10.91 per share.

Similarly, Computer Warehouse Group gained by 9.95 per cent, closing at N11.60 per share.

On the flip side, University Press dropped by 6.25 per cent, finishing at N6.00 while RT Briscoe fell by 6.12 per cent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 per cent, settling at N8.75 and Meyer shed by 4.69 per cent, ending the session at N9.15 per share.

Also, Computer Warehouse Group lost by 4.15 per cent, closing at N3.00 per share.

A total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion shares that was were traded across 22,207 transactions earlier.

Transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion.

Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Ja Paul Gold traded 56.26 million shares valued at N115.35 million and Access Corporation sold 48.59 million shares worth N1.12 billion.