Investors Gain N141 Billion in One Day As Stock Market Extends Gains
- The stock market on Wednesday extended its upward trend, gaining 0.11%
- The rally was driven by buying interest in Legend Internet, Zichis Agro Allied Industries, and Premier Paints
- Fidson Healthcare, Austinlaz, and Livingtrust Mortgage Bank topped the losers' table
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The Nigerian stock market extended its upward trend during the midweek session, posting a marginal 0.11% gain as investors recorded a N141 billion increase in market value.
Data from NGX showed that the rally was driven by sustained buying interest in stocks such as Legend Internet, Zichis Agro Allied Industries, Premier Paints, John Holt, and Consolidated Hallmark Holdings.
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The Nigerian Exchange (NGX) also remained in positive territory, supported by gains in bellwether stocks including MTN Nigeria and GTCO.
At the close of trading, market capitalisation rose from N128.836 trillion to N128.977 trillion, reflecting a N141 billion increase.
Similarly, the NGX All-Share Index (ASI) advanced by 219.87 points to close at 200,925.75, up from 200,705.88 recorded in the previous session.
The market performance pushed the year-to-date return higher to 29.12%.
Market breadth closed neutral, with 32 gainers and 32 losers recorded during the session.
Sector performance
- The NGX Insurance Index rose by 0.76%.
- The NGX Consumer Goods Index gained by 0.42%.
- The NGX Banking Index declined by 0.98%.
- The NGX Industrial Goods Index dipped by 0.11%.
- The NGX Oil & Gas Index closed flat.
Top gainers
- Legend Internet rose by 10.00% to close at N7.26.
- Premier Paints gained by 9.93% to close at N31.00.
- Zichis Agro Allied Industries advanced by 9.93% to close at N11.40.
- John Holt increased by 9.79% to close at N15.70.
- Consolidated Hallmark Holdings climbed by 6.26% to close at N5.26.
Top losers
- Fidson Healthcare fell by 9.97% to close at N94.85.
- Austinlaz declined by 9.89% to close at N4.01.
- Livingtrust Mortgage Bank dropped by 7.08% to close at N4.46.
- Secure Electronic Technology shed by 7.04% to close at N1.32.
- Sterling Nigeria decreased by 5.56% to close at N7.65.
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Most active stocks
Trading activity weakened during the session, with total volume declining by over 58% to 537.99 million shares valued at N25.39 billion across 45,641 deals.
Wema Bank led trading with 104.33 million shares, while Access Holdings and Zenith Bank recorded 42.8 million and 33.9 million shares, respectively.
MTN Nigeria dominated by value with N19.39 billion in trades, as GTCO and Zichis Agro Allied also saw notable activity.
Naira recovers against the dollar
Earlier, Legit.ng reported that the naira appreciated against the United States dollar in the official foreign exchange market.
The Naira appears to be changing course as it edges towards consecutive weakness due to disruptions to global oil supply, which have increased volatility in energy markets, making investors jittery.
Source: Legit.ng
