BY BAMIDELE FAMOOFO
Investors in Nigeria’s stock market grabbed about N117 billion from trading activities on Wednesday as equities maintained a positive momentum.
The benchmark index closed 0.36 percent stronger to settle at 59,323.95 points on sustained appetite for Dangote Cement shares which increased by 0.07 percent.
BUA Cement Plc enjoyed a higher gain at 4.65 percent while Stanbic IBTC also added 1.98 percent.
Gains recorded by Dangote Cement, BUA Cement and banking stock, Stanbic IBTC, outweighed losses in Zenith Bank Plc (-0.78%), Geregu Power Plc(-5.45%) and GTCO (-0.93%) keeping the market in the green.
As a result, the ASI’s year-to-date (YTD) return increased to 15.75 percent, while the market capitalisation gained N116.49 billion to close at N32.30 trillion.
Analysis of Wednesday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 31.84 percent.
A total of 643.03 million shares valued at N6.11 billion were exchanged in 7,806 deals. GTCO (-0.93%) led the volume and value charts with 44.86 million units traded in deals worth N1.44 billion.
Market breadth closed positive at a 1.75-to-1 ratio with advancing issues outnumbering declining ones.
NEIMETH (+9.88%) topped twenty-seven (27) others on the leader’s log, while JAIZBANK (-10.00%) led fifteen (15) others on the laggard’s table.