Investors' Purchases Boost Equity Market by N265 Billion

The positive trajectory in the equity market persisted yesterday, witnessing an increase in investors' net worth by N265 billion, attributed to enthusiastic bargain hunting.
Stock market signals
Stock market signalsGoogle

The commendable performance was primarily influenced by investors' strong interest in the stocks of Tier-one banks.

Closing the trading session, the market capitalization experienced a notable uptick, rising by N265 billion or 0.62 per cent, reaching N42.694 trillion compared to the previous day's N42.429 trillion.

In tandem, the All-Share Index, the market's benchmark, climbed by 0.62 per cent or 482.97 points, concluding at 78,020.54 in contrast to the preceding session's 77,537.57. The Year-to-Date (YTD) return marked an increase to 4.34 per cent.

Trading activities revealed a robust exchange, with a total of 984.19 million shares valued at N11.16 billion exchanged in 12,976 deals. Market breadth reflected positivity, indicating a higher trade turnover compared to the previous session.

The notable surge in performance was attributed to investors' heightened interest in Tier-one banks, particularly Zenith Bank, Guaranty Trust Holding Company (GTCO), and Dangote Sugar.

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