Investors Make Over N400bn As Stock Market Extends Positive Performance
- The Nigerian stock market recorded a positive performance on Wednesday as investors bet on companies' financial performance
- Data shows that consumer goods, banking and insurance stocks pushed the market higher once again
- Cadbury, International Breweries, Fidson and Eterna recorded the biggest gains after 4 hours of trading
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equities market ended Wednesday's trading session on a positive note, buoyed by earnings of companies.
The All-Share Index (ASI) closed at 109,000.19 points, an increase from the previous trading day’s lows of 108,361.1.
Source: Getty Images
Equities market capitalisation moved higher from the preceding day of N68.105 trillion to N68.507 trillion on Wednesday. This means the market value increased by N402 billion.
Commenting on stock market performance, analysts at CardinalStone Research said:
“The local exchange is expected to maintain its positive momentum into the new month, particularly in the early weeks, driven by an earnings-induced rally”.
“Strong corporate performance is likely to sustain investor interest and support further market gains. Additionally, the recent resurgence in foreign participation in the equities market presents a significant upside.
“This renewed interest signals a potential return of foreign inflows, which could enhance market liquidity and investor confidence, contributing to a more robust performance.”
Snapshot of the market
At a closer look at how the market moved on Wednesday, investors exchanged 587,472,362 shares worth N18.659 billion in 17,496 deals.
Source: Getty Images
Here is a breakdown of market performance on Monday.
Top gainers
- UPDC Real Estate Investment Trust: Gained N0.60 to close at N6.60, up from N6.00 (+10.00%).
- Meyer Plc: Gained N0.80 to close at N8.80, up from N8.00 (+10.00%).
- Beta Glass Plc: Gained N13.25 to close at N146.05, up from N132.80 (+9.98%).
- The Initiates Plc (TIP): Gained N0.55 to close at N6.08, up from N5.53 (+9.95%).
- Vitafoam Nigeria Plc: Gained N5.05 to close at N55.85, up from N50.80 (+9.94%).
Top losers
- Deap Capital Management & Trust Plc: Lost N0.12 to close at N1.08, down from N1.20 (-10.00%).
- Veritas Kapital Assurance Plc: Lost N0.10 to close at N1.00, down from N1.10 (-9.09%).
- Linkage Assurance Plc: Lost N0.08 to close at N1.13, down from N1.21 (-6.61%).
- Africa Prudential Plc: Lost N0.95 to close at N16.00, down from N16.95 (-5.60%).
- UPDC Plc: Lost N0.14 to close at N3.00, down from N3.14 (-4.46%).
Top traded stocks by volume
- Guaranty Trust Holding Company Plc (GTCO): 98.64 million shares traded, valued at N6.57 billion.
- Tantalizers Plc: 75.48 million shares traded, valued at N175.22 million.
- Fidelity Bank Plc: 40.47 million shares traded, valued at N816.04 million.
- Zenith Bank Plc: 38.47 million shares traded, valued at N1.87 billion.
- Nigerian Breweries Plc: 30.51 million shares traded, valued at N1.64 billion.
Traders sell dollar, pound at new exchange rates
Earlier, Legit.ng reported that the value of the naira has dropped once again against the US dollar in the unofficial foreign exchange markets.
There were also changes in the exchange rates for the British pound and the euro as crude oil prices crashed.
The Central Bank of Nigeria relies on oil sales to secure enough foreign currency to defend the naira from further pressure.
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Source: Legit.ng
