NGX: The equity market recovered because investors get the N310BN

The Nigerian equity market recovered from the previous day’s decline with N310 billion profits for investors at the close of trading on Wednesday.

This follows the surge in stock prices from Chellaram PLC shares, Austin Laz & Company, and the initiative of the place, among others, on the exchange floor.

The Benchmark All-Share Index (ASI) increased to 142,036.23 points from 141,546.78 points recorded the previous day.

After five hours of trading in the capital market, the capitalization of equity rose to N89.8 trillion from N89.5 trillion posted by Bourse on Tuesday.

The extent of the negative market with 23 advanced shares, 27 shares declined, and 97 remaining shares did not change in 23,281 agreements.

Chellaram PLC, Austin Laz & Company, and Initates Place lead other gainers with growth of 9.77%, 9.67% and 8.08% each in stock prices to be closed at N14.60, N2.95, and N12.97 from N13.30, N2.69, and N12.00 per previous share.

Guinea Insurance, Cornerstone Insurance PLC, and Internet Legend led other prices with 9.70% 8.68%, and 7.27% of stock price declines to be closed on N1.49, N6.52, and N5.10 per share, down from N1.65 previously, N7.14, and N5.50 per share.

Also read: NGX: Investors lost N121BN because the bearish sentiment hit the stock market

In the volume index, Abbey Mortgage Bank PLC led trade with 401 million shares in 47 agreements, followed by Fidelity Bank PLC, which was traded 254 million shares in 509 agreements.

United Bank for Africa PLC trades 23 million shares in 1,344 agreements.

In the value index, the shares traded by Aradel Holding worth N6.8 billion in 858 agreements, followed by Fidelity Bank PLC, who traded equity worth N5.2 billion in 254 agreements.

Abbey Mortgage Bank PLC traded shares worth N2.7 billion in 254 agreements.

Babajide Okeowo