Equity market sustains growth, gains N262bn

Local equities yesterday closed on positive trend gaining N262 billion as investors continue to reposition for dividend paying stocks.

Operators said that they are not surprised over the market growth trend as there was expectation that the bullish trend recorded in the month of January would extended to the first week in February.

Admitting that the market witness increased investment in dividend paying stocks, operators said that the rise in volume of transactions was an indication that institutional investors have returned to equity market.

Specifically, market capitalisation of listed equities increased by N262 billion or 1.04 per cent to N25.386 trillion from N25.124 trillion traded the previous day. The NGX All Share Index also appreciated by 486.54 basis points to 47111.21 points from 46624.67 points.

Investors traded 341.516 million shares valued at N3.692 billion in 6417 deals.

An analysis of the investment showed that Seplat Energy Plc led gainers table during the day, appreciating by 10 per cent to N869.00, Conoil Plc followed with a gain of 9.79 per cent to N24.10, Academy Press gained 9.57 per cent to N1.03, RTBriscoe added 9.09 per cent to N0.24, Presco Plc added 8.75 per cent to N105.00.

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