Stock market extends rally by 0.12% as investors gain N32.3bn

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BY BAMIDELE FAMOOFO

Uba Group

The bulls continued to dominate the Lagos bourse on Wednesday as the benchmark index gained 0.12 percent to settle at 49,475.43 points, the highest point since 15 September.

Investors in the market amassed N32.27 billion on their investment at the close of transactions on the day with market capitalisation closing at N26.95 trillion.

Sustained interests in Tier-1 banking names ZENITHBANK (+0.21%), GTCO (+1.85%) and FBNH (+3.74%) drove the market’s positive performance, offsetting losses in ACCESSCORP (-0.58%) and GEREGU (-0.94%).

Consequently, the year-to-date (YTD) return rose to 15.82 percent while the market capitalization gained N32.27 billion.

Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 389.87 percent.

A total of 411.15 million shares valued at N6.35 billion were exchanged in 2,992 deals. UPDCREIT (-1.59%) led the volume chart with 245.33m units traded, while GEREGU (-0.94%) led the value charts in deals worth N2.63 billion.

Market breadth closed positive at a 1.64-to-1 ratio, with advancing issues outnumbering declining ones. UPL (+9.83%) topped seventeen (17) others on the gainer’s log, while JAPAULGOLD (-3.70%) led ten (10) others on the laggard’s table.