The Nigerian equities market, on Thursday, gained N28bn as 28 stocks appreciated.
A total of 513.8 million shares valued at N6.448bn exchanged hands in 4,243 deals.
Accordingly, market capitalisation increased by N27.8bn to settle at N12.773tn. Acording to analysts at Afrinvest Securities, the day’s performance can largely be credited to price appreciations in Zenith Bank Plc, International Breweries Plc, Access Bank Plc and Dangote Sugar Refinery Plc, which appreciated respectively by 1.8 per cent, 4.1 per cent, 2.5 per cent and 2.5 per cent.
In addition, activity level improved as volume and value traded rose by 55.1 per cent and 15.9 per cent to 513.8 million units and N6.4bn, respectively.
Performance across sectors was broadly bullish. First on the gainers chart was the Banking Index, which was up by 0.8 per cent as buying interest in Zenith Bank, United Bank for Africa Plc and Access Bank drove the index to a positive close.
The oil/gas index followed, rising by 0.5 per cent, primarily on the back of price appreciation in Seplat Petroleum Development Company Plc, which gained one per cent.
Following closely, the consumer goods index added 0.4 per cent due to gains in International Breweries Plc and Dangote Sugar.
Meanwhile, bargain-hunting in AxaMansard Insurance Plc and NEM Insurance Nigeria Plc drove the insurance index 0.2 per cent higher. On the other hand, the industrial goods index was the lone loser, declining five basis points as investor appetite for the Cement Company of Northern Nigeria waned, causing a decline of 3.2 per cent.
Investor sentiment, measured by market breadth, strengthened on 28 stocks advancing against 11 declining.
“In line with expectation, market performance was positive at the close of trade while activity level and investor sentiment improved. We expect market performance to stay positive in the near term as investors’ position ahead of anticipated year-end rally,” Afrinvest analysts said.
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