Investors Gain Over N300bn As Stock Market Bullish Streak Continues Midweek
- The stock market extended its positive streak midweek, with investors gaining over N300 billion
- The rally was driven by buying interest in Seplat Energy, NGX Group, Zenith Bank, and GTCO
- Fortis Global Insurance, DEAP Capital, and Chams Holding Company topped the losers’ table
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The stock market extended its bullish streak midweek, with investors gaining over N300 billion amid sustained buying interest in banking and select oil and gas stocks.
Data from the NGX revealed that on Wednesday, April 8, the Nigerian equities market recorded a N389 billion increase in market capitalisation, reflecting continued investor confidence in fundamentally strong stocks.
Source: Getty Images
The rally was driven by buying interest in Seplat Energy, Nigerian Exchange Group, Zenith Bank, Guaranty Trust Holding Company (GTCO), and Stanbic IBTC Holdings.
The All-Share Index (ASI) rose by 562.44 points, representing a 0.28% gain, to close at 202,585.54 points, up from the previous session.
Similarly, market capitalisation increased to N130.404 trillion.
Analysts at Futureview Group said the market may sustain its positive bias in the near term as investors continue to position in fundamentally sound stocks, although intermittent profit-taking could moderate gains, Leadership reports.
Market breadth closed negative, with 31 losers outweighing 22 gainers.
Top gainers
- Universal Insurance rose by 10.00% to close at N1.21 per share
- Omatek Ventures gained 9.78% to close at N2.47
- VFD Group advanced 9.71% to close at N11.30
- CWG appreciated by 9.64% to close at N21.05
- Livestock Feeds increased by 9.56% to close at N7.45
Top losers
- Fortis Global Insurance declined by 9.92% to close at N1.18 per share
- DEAP Capital Management & Trust fell by 9.85% to close at N5.40
- Chams Holding Company dropped by 9.47% to close at N3.06
- Japaul Gold & Venture shed 8.82% to close at N3.10
- International Breweries lost by 8.09% to close at N12.50
Source: Getty Images
Most active stocks
Trading activity weakened, with total volume declining by 12.64% to 1.007 billion shares valued at N40.57 billion across 52,723 deals
- Access Holdings led with 232.98 million shares valued at N6.06 billion
- Fidelity Bank recorded 113.08 million shares worth N2.17 billion
- Wema Bank traded 103.30 million shares valued at N2.69 billion
- Zenith Bank posted 60.64 million shares valued at N6.47 billion
- Chams Holding Company recorded 47.51 million shares worth N154.55 million
SEC declares another popular investment scheme Ponzi
Earlier, Legit.ng reported that Nigeria’s Securities and Exchange Commission (SEC) has cautioned the public against investing with AfriQuantumX, describing it as an unregistered and potentially fraudulent investment platform.
The commission said that anyone who invests or engages with the entity does so at their own risk, noting that its operations display characteristics commonly associated with Ponzi schemes.
In a statement, the SEC said its attention had been drawn to the activities of AfriQuantumX, which presents itself as an investment platform trading in cryptocurrency and stocks for Nigerian investors.
Source: Legit.ng
