Equities Market Sustains Gaining Streak As Market Cap Hits N37.40trn

The equities market of the Nigerian Exchange Limited (NGX) on Tuesday sustained its gaining streak for the fourth consecutive session as the market capitalization gained N30.40billion to close at N37.40trillion.

At the close of yesterday’s trading session, the local equities, also, extended gains in the All-Share Index (ASI) by 0.08 per cent to close at 68,334.68 points, as against 68,279.14 point on Monday.

Data from the NGX, however, showed that gains in index heavyweights, MTNN’s 0.04 per cent, with BUAFOODS gaining 2.78 per cent alongside 0.66 per cent rise in United Bank for Africa (UBA) shares, which outweighed losses of 0.91 per cent in NESTLE , as well as -0.27 per cent in ZENITHBANK and -2.4 per cent in GTCO keeping the market in the positive terrain.

As a result, the ASI’s Year-To-Date (YTD) return increased to 33.33 per cent, while further analysis of the market trading activities figures revealed that trade turnover settled lower relative to the previous session.

The statistics showed that the value of transactions down by 21.70 per cent with a total of 557.85 million shares valued at N10.21billion were exchanged in 9,818 deals.

Further analysis of the figures indicates that UBA with gain of 0.66 per cent led the volume chart with 63.32million units traded while GTCO’s -2.47 per cent led the value chart in deals worth N1.53billion.

Market breadth, however, closed negative at a 1.05-to-1 ratio with declining issues outnumbering advancing ones.

NEIMETH -8.93 per cent topped 22 others on the laggard’s table, while MULTIVERSE +10.00 per cent led 21 others on the leader’s log.