The reign of the bulls continued unabated on the equities sector of the capital market yesterday as the capitalisation crossed N50 trillion mark, while the all-share index (ASI) hit 91,000 mark. This notable upswing was attributed to investors’ interest spanning various stocks within the industrial, oil and gas as well as consumer goods. Also, market capitalisation rose by N1.006 trillion to close at N50.29 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are Dangote Cement, BUA Cement, MRS Oil Nigeria, Conoil and Okomu Oil. However, as measured by market breadth, market sentiment was negative, as 42 tickers lost relative to 33 gainers. Conoil, Eterna, John Holt, NEM Insurance and Unity Bank emerged the highest price gainer of 10 per cent each to close at N112.20 kobo, N20.90 kobo, N2.53 kobo, N8.25 kobo and N3.30 kobo respectively