The Nigerian stock market maintained a bullish momentum on Wednesday as the All-Share Index advanced by 0.71 per cent to close at 37,907.28 points.
After opening the day’s trading at N19.62tn, the market capitalisation rose and closed at N19.76tn.
Amid the sustained bargain hunting activity, investors wrapped up the month’s trading session with a gain of N138.93bn.
Trading activities as recorded on the gainers and losers table showed that the stocks of 20 companies appreciated against 16 that declined, while the year-to-date loss of the ASI fell to 5.86 per cent.
The consumer goods index increased by 4.80 per cent buoyed by buying interest in stocks such as Nestle Nigeria, Flour Mills of Nigeria and Unilever Nigeria as their share prices rose by 10 per cent, 2.75 per cent and 2.32 per cent respectively. Similarly, the share price of MTN Nigeria Communications rose by 0.61 per cent.
Other sub-sector indices tracked moved in different directions. As a result, the oil and gas index rose by 0.70 per cent, the banking and insurance indices moderated by 0.10 per cent apiece and the industrial index closed flat.
Trading activity was mixed as total deals and volume of stock traded fell while total value rose. Thus, at the close of day’s trading, the total volume of stocks declined by 6.68 per cent to 213.70 million units, valued at N3.23bn in 3,522 deals.
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