The Stock market of the Nigerian Exchange Limited (NGX) appreciated by N286.53billion in three days to maintain its bullish trading activates this week.
Consequently, the market capitalization rose by 1.4per cent to close on Wednesday to close at N21.24trillion from N20.96trillion the stock market opened for trading this week.
The market appreciated most on Tuesday following investors renewed interest in Airtel Africa following its share buy-back plan buoyed the impressive performance.
THISDAY had report that the market capitalization gained N14 billion on Monday to close at N20.970 trillion, while on Tuesday, it appreciated by N247 billion to close at N21.217 trillion.
Similarly, the overall market capitalization value increased by N25 billion to close at N21.242 trillion on Wednesday.
The stock market Month-to-Date and Year-to-Date returns increasing to +3.9per cent and +1.2per cent, respectively.
Meanwhile, the positive outcome on Wednesday was buoyed by investors’ buy-interests in banking and industrial sectors, as NGX All-Share Index (ASI) increased by 0.12 per cent to close at 40,765.20 basis points.
Analyzing by sectors, the Insurance (-0.7 per cent), Consumer Goods (-0.2 per cent) and Oil & Gas indices declined, while the Banking (+0.1 per cent) and Industrial Goods indices posted gains.
The market positive performance was driven by price appreciation in large and medium capitalized stocks which are; FBN Holdings (FBNH), Northern Nigeria Flour Mills (NNFM), UAC of Nigeria (UACN), Lafarge Africa and Africa Prudential.
However, the market breadth closed negative, recording 20 losers as against 19 gainers. FBNH recorded the highest price gain of 7.78 per cent, to close at N9.70, per share.
University Press followed with a gain 7.38 per cent to close at N1.31, per share. While NNFM appreciated by 6.49 per cent to close at N8.20, per share.
Livestock Feeds went up by 5.38 per cent to close at N2.35, while Universal Insurance appreciated by five per cent to close at 21 kobo, per share.
On the other hand, Pharma Deko Plc led the losers’ chart by 6.01 per cent to close at N2.66, per share.
Associated Bus Company followed with a decline of 5.71 per cent to close at 33 kobo, while Regency Alliance Insurance shed 4.88 per cent to close at 39 kobo, per share.
Chams shed 4.55 per cent to close at 21 kobo, while Sovereign Trust Insurance depreciated by 4.17 per cent to close at 23 kobo, respectively.
However, the total volume of trades dipped by 7.47 per cent to 400.652 million shares, worth N3.479 billion, and traded in 5,145 deals.
Transactions in the shares of FBNH topped the activity chart with 108.741 million shares valued at N1.073 billion.
Transnational Corporation of Nigeria (Transcorp) followed with 39.676 million shares worth N38.381 million, while Ecobank Transnational Incorporated (ETI) traded 32.783 million shares valued at N189.907 million.
United Bank for Africa (UBA) traded 25.269 million shares valued at N204.443 million, while Fidelity Bank transacted 19.898 million shares worth N51.238 million.