Stocks Market Extends Bullish Streak By N39.02bn

The Nigerian equity market for the third day in a row, closed Wednesday’s trading session in the green, amidst buy-interests and sell-offs as bulls dominated proceedings, driving up the market capitalization grew by N39.02 billion to close at N24.43 trillion.

In the same vein, the Nigeria Exchange Limited (NGX) benchmark index advanced by 2,143.34 base points since the start of the year.

Accordingly, the Year-to-date (YTD) return of the market strengthened to 5.0 per cent from 4.9 per cent the previous trading day.

At the close of yesterday’s trading activities, the total volume traded declined by 41.3 per cent and the value traded gained 24.0 per cent to 93.5million units and N3.4billion respectively.

GEREGU, STERLNBANK and ACCESSCORP led the volume chart with 12.7 million units, 9.4million units and 6.3million units respectively. However, GEREGU, AIRTELAFRI and MTNN led the value chart with N1.3billion, N867.0million and N596.4million respectively.

For indices under our purview, performance was more bullish as three indices printed green while two indices printed red.

Performance indicates that the Insurance index led the gainers with 114bps, followed by the Insurance and Oil and Gas indices which gained 92bps and 32bps respectively. However, the Banking and Consumer Goods indices declined by 93bps and 39bps respectively.

Consequently, Naira closed yesterday’s trading activities at N441.67 per dollar at the Investors & Exporters (I&E) FX Window.

The Naira, however, traded at N770 to the Dollar at the parallel market, while the nation’s external reserves, which is managed and monitored by the Central Bank of Nigeria (CBN) currently stand at $37.56billion.