Equities Market Extends Bullish Run By N39bn

Bullish sentiments persisted in the Nigerian equities market as capitalisation advanced by N39 billion.

The All Share Index (ASI) rose by 71.64 absolute points, representing a gain of 0.16 per cent to close at 44,859.78 points. Accordingly, investors gained N39 billion in value as market capitalisation went up to N24.434 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Geregu Power, BUA Cement, Multiverse Mining & Exploration and University Press.

On market outlook, analysts at United Capital Plc expected mixed sentiments to persist, as pre-election risks amplifies and investors anticipate the release of companies third quarter (Q3) results.

However, market breadth remained negative as 12 stocks posted gains while 19 stocks posted declines. Multiverse Mining & Exploration and R.T. Briscoe Nigeria recorded the highest price gain of 10 per cent each to close at N4.62 and 33 kobo, while University Press followed with a gain 9.15 per cent to close at N1.79, per share.

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