Bulls Hold Strong On Stock Market With N212bn Midweek Gain

The Nigerian equities market on Wednesday extended its bullish momentum at midweek, as the overall capitalisation advanced by N212 billion, reflecting sustained investor confidence and broadly optimistic market sentiment.

The All Share Index (ASI) gained by 335.74 points, representing a growth of 0.28 per cent to close at 121,989.67 points. Also, market capitalisation gained N212 billion to close at N76.970 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Northern Nigeria Flour Mills (NNFM), Nigerian Exchange Group, Industrial & Medical Gases Nigeria and Berger Paints Nigeria.

On market outlook, Afrinvest Limited said, “we anticipate the bourse to sustain the positive momentum, anchored on buoyant investor sentiment.”

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Market breadth was strongly positive, with 59 gainers significantly outpacing 21 decliners, indicating widespread buying interest across sectors. Omatek Ventures, RT Briscoe (Nigeria), Red Star Express, C&I Leasing, Chams Holding Company, Ellah Lakes and Nigerian Enamelware recorded the highest price gain of 10 per cent each to close at N1.21, N3.85, N11.11, N7.26, N10.45 and N20.35 respectively, per share.

Thomas Wyatt Nigeria followed with a gain of 9.96 per cent to close at N2.98, while AXA Mansard Insurance and Sunu Assurance up by 9.95 per cent each to close at N12.16 and N4.64 respectively, per share.

On the other hand, Legend Internet led the losers’ chart by 8.05 per cent to close at N8.00, per share. Guinea Insurance followed with a decline of 7.14 per cent to close at N1.04, while Eterna declined by 4.65 per cent to close at N41.00, per share.

eTranzact International depreciated by 4.44 per cent to close at N8.60, while Regency Alliance Insurance declined by 4.35 per cent to close at 88 kobo, per share.

Also, the total volume traded declined by 11.84 per cent to 888.703 million units, valued at N15.610 billion, and exchanged in 24,303 deals. Transactions in the shares of Japaul Gold & Venture topped the activity chart with 137.339 million shares valued at N410.881 million. Access Holdings followed with 83.040 million shares worth N1.848 billion, while AIICO Insurance traded 50.003 million shares valued at N95.261 million.

Universal Insurance traded 41.949 million shares valued at N30.518 million, while Ellah Lakes sold 31.940 million shares worth N330.971 million.