Equity market sustains growth trend, gains N142bn

The nation’s equity market yesterday continued its rebound, gaining N142 billion ahead of the release of the macroeconomic data such as consumer price and index and second quarter Gross Domestic Products (GDP).

There are also expectations that corporate earnings of interim paying banks like Zenith Bank , Access Bank, United Bank for Africa , GTCO and Stnbic IBTC Bank may be released within the week.

Specifically, Market Capitalisation of listed equities increased by 0.69 per cent to N20.553 trillion from N20.411 trillion reported yesterday. The Nigerian Exchange (NGX) All Share Index also appreciated by 271.98 basis points to 39448.46 points from 39176.62 point traded the previous day.

Investors traded 181.417 million shares valued at N2.089 billion in 3599 deals against 474.528 million shares valued at N3.982 billion exchanged hands the previous day in 4161 deals.

Operators said that apart from some banks awaiting for Central Bank of Nigeria to approve their half year earnings interim, the result released so far are impressive and better than expected. They stated that such has a way of impacting on the share price of stocks in the market.

A review of the transactions showed that Pharm Deko led gainers table during the day, appreciating by 9.17 per cent to close at N1.19 kobo, Neimeth International Pharmaceuticals followed with a gain of 8.61 per cent to close at N1.64 kobo. Ikeja Hotel added 7.69 per cent to N1.40 kobo. Livestock Feeds increased by 6.84 per cent to N2.03 kobo, Linkage Assurance up by 6.78 per cent to N0.63 kobo.