Equity market gains N248bn

Trading activities on the floor of Nigerian Exchange yesterday sustained its positive outing for the third consecutive session, as the benchmark NGX All Share Index increased significantly on a higher traded volume, driven by demand for high cap and dividend paying stocks.

The Nigerian Exchange (NGX) All Share Index also appreciated by 460.38 basis points to 45890.52 points from 45430.14 points.

Market capitalisation of listed equities also increased by N248 billion or 1.01 per cent to N24.724 trillion from N24.476 trillion reported the previous day.

Investors traded 873.492 million shares valued at N31.542 billion in 4342 deals against 252.938 million shares worth N8.925 billion in 4218 deals.

Operators attributed the growth on investors positive sentiment in blue chip stocks that bave been consistent in dividend payment.

They said that transaction volume and price action reveal the presence of buyers in the market, noting that the prevailing high volume of transactions on the exchange indicates that institutional players participated in today’s transaction, as the positive fundamentals and technical patterns that reveal the undervalued state of many stocks and buy opportunities available in the market.

An analysis of the market transactions showed that Northern Nigeria Flour Mills Nigeria Plc led gainers table during the day, gaining 9.92 per cent to N7.20, Learn Africa followed with a gain of 9.32 per cent to N1.29, Cadbury Nigeria Plc added 7.95 per cent to N9.50, Linkage Assurance increased by 7.55 per cent to N0.57.

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