Stock Market Rises Further As Investors Gain N94bn
The nation’s stock market closed higher on Wednesday as 25 firms saw their share prices rise at the end of trading.
Investors gained N94bn as the Nigerian Stock Exchange All-Share Index and market capitalisation increased by 0.74 per cent.
Market watchers attributed the development to renewed confidence as bargain hunters continued to leverage undervalued stocks.
The market breadth closed positive as the number of gainers at the close of trading session was 25 while eight firms recorded losses.
The ASI gained 85.19 basis points to close at 24.278.07bps on Wednesday as against 24.097.48 the previous day.
The market capitalisation of equities rose to N12.66tn from N12.57tn as market sentiment remained positive.
A total of 232.61 million shares were traded in 3,523 deals on Wednesday.
The premium subsector was the most active (measured by turnover volume), with 96.97 million shares traded by investors in 1,231 deals.
The volume in the subsector was largely driven by trading activities on the shares of Zenith Bank Plc and the United Bank for Africa Plc.
The banking subsector was boosted by trading activities on the shares of Fidelity Bank Plc and UBA Plc, with a turnover of 63.83 million shares in 553 deals.
Lafarge Africa Plc led the gainers’ table with a gain of 10 per cent to close at N11.00 per share while Julius Berger Nigeria Plc rose by 9.90 per cent to close at N17.20 per share.
Linkage Assurance Plc appreciated by 9.30 per cent to close at 47 kobo per share.
On the other hand, Berger Paints Plc led the losers’ table, dropping by 9.63 per cent to close at N6.10 per share.
Caverton Offshore Support Group Plc followed with a loss of 4.40 per cent to close at N1.74 per share while Ecobank Transnational Incorporated declined by 4.17 per cent to close at N4.60 per share.