Equity market bullish as investors gain N6bn 

The equity market sustained its bullish trend as investors gained about N6.29bn on Thursday.

The day’s positive trading was geared toward the buying interest in Seplat Energy plc, United Bank for Africa and First Bank of Nigeria Holdings.

The market capitalisation and the all-share index rose by 0.11 per cent to close at N56.28 and 99,396.23 respectively.

The number of deals grew by 0.25 per cent to close at 7616.

The Year-to-date return ticked higher to 32.9 per cent from 32.9 per cent.

Activity level strengthened as volume and value traded climbed 91.6 per cent and 154.7 per cent to 529.4 million units and N10.5 billion respectively.

Performance across sectors was positive, as five indices gained, while the Airtel Africa-ICT index shed 2.7 per cent, following losses in MTN Nigeria communications which dipped by 6.9 per cent and Chams plc decreased by 2.1 per cent.

The Oil and Gas topped the leaderboard by 5.7 per cent on the back of gains in SEPLAT and OANDO plc.

Following, price appreciation in UBA, FBNH, International Breweries and Flourmill the Banking and Consumer Goods indices increased sequentially by 1.0 per cent and 0.2 per cent.

Likewise, the Insurance and Industrial Goods indices rose 0.1 per cent and 0.01 per cent, due to Mutual Benefits Assurance, Cornerstone Insurance Company and Cutix Plc.

According to Meristem Securities Limited, analysts anticipate a reversal of today’s gains as investors book profit amid weak sentiment.

The analysts said, “Tomorrow, we anticipate a reversal of today’s gains as investors book profit amid weak sentiment.”

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