Stock Market Gains N471bn, Biggest In 7 Months
The stock market has recorded its biggest daily gain in seven months as the All Share Index gained 3.54 per cent at the end of trading on Wednesday, a level last seen on May 28, 2019.
The market extended its gaining streak to the ninth consecutive day as investors gained N1.9tn during the period.
The market capitalisation of equities increased to N13.787tn on Wednesday from N12.596tn on December 24, 2019.
A total of 741.822 million shares valued at N9.216bn exchanged hands in 7,622 deals, which represented a 66.19 per cent increase in volume and 58.35 per cent increase in value traded.
The top five trades were United Bank for Africa Plc (156.012 million shares valued at N1.402bn), Zenith Bank Plc (86.065 million shares valued at N1.889bn), Access Bank Plc (82.439 million shares valued at N963.669m), FBN Holdings Plc (69.398 million shares valued at N524.564m) and Transnational Corporation of Nigeria Plc (62.876 million shares valued at N67.613m).
Performance across sectors was positive as all sectors recorded gains.
The industrial goods index recorded the highest gains in 6.07 per cent boosted by gains Dangote Cement Plc, Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc.
The banking index trailed, appreciating by 3.87 per cent on the back of gains in FBN Holdings Plc, Union Bank Nigeria Plc and Fidelity Bank Plc.
The insurance goods index gained 2.72 per cent buoyed by the performance of Cornerstone Insurance Plc.
Major gains in Vitafoam Nigeria Plc and Conoil Plc pushed the consumer goods and oil and gas indices higher by 0.36 per cent and 0.17 per cent respectively.
A total of 37 gainers were recorded, which outperformed the 11 losers.
The top five gainers were FBN Holdings, Union Diagnostic and Clinical Services Plc, Julius Berger Nigeria Plc, Conoil Plc and Cornerstone Insurance.
FBN Holdings share price increased by 10 per cent to N7.70 from the N7 recorded on Tuesday while Union Diagnostic share price rose by 10 per cent to close at 22 kobo from 20 kobo on Tuesday.
Julius Berger saw its share price increase by 9.80 per cent to N21.85 from N19.90 while Conoil’s share price closed at 20.85 per cent from N19.
Cornerstone Insurance saw its share price rise to 69 kobo from 63 kobo, representing a 9.52 per cent increase.
On the flip side, the top five losers were Tripple Gee and Company Plc, UPDC Real Estate Investment Trust, Thomas Wyatt Nigeria Plc, UACN Property Development Company Plc and Champion Breweries Plc, whose respective share prices depreciated by 9.38 per cent, 8.99 per cent, 7.89 per cent, 7.41 per cent and 5.26 per cent.