Equity market upbeat as investors gain N6 billion

The equity market maintained its upward trend on Thursday, with investors gaining over N6.29 billion.

The day’s favorable activity was driven by purchasing interest in Seplat Energy plc, United Bank for Africa, and First Bank of Nigeria Holdings.

The market capitalization and all-share index increased by 0.11 percent to settle at N56.28 and 99,396.23, respectively.

The number of trades increased by 0.25 percent to 7616.

The year-to-date return increased to 32.9% from 32.9%.

The volume and value exchanged increased by 91.6% and 154.7%, respectively, to 529.4 million units and N10.5 billion.

Five indexes rose, while the Airtel Africa-ICT index fell 2.7%, following losses in MTN Nigeria communications (6.9%) and Chams plc (2.1%).

Oil and Gas topped the list by 5.7%, thanks to advances in SEPLAT and OANDO plc.

Following price appreciation in UBA, FBNH, International Breweries, and Flourmill, the Banking and Consumer Goods indices gained by 1.0% and 0.2%, respectively.

Similarly, Mutual Benefits Assurance, Cornerstone Insurance Company, and Cutix Plc contributed to a 0.1% increase in the Insurance and Industrial Goods indices, respectively.

Analysts at Meristem Securities Limited foresee a reversal of today’s gains as investors book profits amid lackluster sentiment.

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