• Monday, June 24, 2024
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Stock market sustains rally by 0.44%

Foreigners raise equities bet as 4-month deal hits N334bn

Nigeria’s equities market furthered its upward movement on Wednesday by 0.44 percent as investors continued their hunt for value stocks that are currently priced low.

For the second time this week, stocks like Dangote Sugar Refinery and Nascon helped push the market further high.

Nascon increased from preceding trading day’s N37.25 to N40.85, up by N3.60 or 9.66 percent. It was followed by FCMB Group which rose from N6.75 to N7.40, adding 65 kobo or 9.63 percent.

Likewise, International Breweries rose from N3.65 to N4, adding 35kobo or 9.59 percent, while Dangote Sugar Refinery increased from N42.90 to N47, adding N4.10 or 9.56 percent.

Read also: Stock market extends rally by 0.53%

Year-to-date (YtD), the market has increased by 32.16 percent after rising by 1.24 percent week-to-date.

At the close of trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further from 97,863.34 points and N55.359trillion respectively to 98,818.04 points and N55.899 trillion.

Abbey Mortgage Bank, Access Holdings, UBA, FCMB Group and Fidelity Bank shares were actively traded. In 7,781 deals, investors exchanged 518,948,393 shares worth N4.767billion.