Bargain-hunting lifts Nigerian equity market to four consecutive trading days gain

The Nigerian equity market extended its gaining streak to four consecutive trading days, appreciating by 1.41 per cent on Friday, on the back of bargain-hunting by investors.

The gain recorded was underpinned majorly on banking sector, which rose 4.10 per cent and oil and gas sector, which was up 1.68 per cent.

The All Share Index (ASI) grew 437.03 absolute points, representing an increase of 1.41%, to close at 31,426.63 points, while Market Capitalization appreciated N43.20 billion, representing an increase of 1.39 per cent, to close at N11.72 trillion due to the formal delisting of Great Nigeria Insurance (GNI).

Diamond Bank and Total added 10 per cent to top the 32 gainers list, while Consolidated Hallmark Insurance shed -7.89 per cent to lead six other losers.

A total of 417.17 million shares worth N3.14 billion were traded in 3,970 deals, with Diamond Bank, which sold 89.76 million shares valued at N204.82 million emerged the most active stock in terms of volume.

Meanwhile, investors exchanged 35.71 million of Zenith Bank shares worth N806 million to emerge the most active stock  in terms of value.