Bullish Midweek Run Lifts Equities Market Up By 0.23%

The Nigerian equities market extended its positive run on Wednesday, as gains in Nigerian Aviation Handling Company (NAHCO) and 42 others caused the All-Share Index to close higher by 0.23 per cent.

The All-Share Index (ASI) gained 576.36 points, representing a gain of 0.23 per cent to close at 251,191.02 points. Also, market capitalisation rose by N374 billion to close at N163.057 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Nigerian Aviation Handling Company (NAHCO), NASCON Allied Industries, MTN Nigeria Communications (MTNN), Eterna and Zenith Bank.

Looking ahead, Cowry Assets Management Limited said, “the market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.”

Market breadth a key measure of investor sentiment closed positive, as 43 stocks appreciated, while 20 stocks declined. Eterna emerged the highest price gainer of 10 per cent to close at N38.50, per share. Thomas Wyatt Nigeria followed with a gain of 9.88 per cent each to close at N2.6.20, while Critical Minerals Financing Corporation (CMFC) rose by 9.76 per cent to close at N2.70, per share.

Haldane McCall appreciated by 9.70 per cent to close at N3.28, while Omatek Ventures appreciated by 9.63 per cent to close at N1.48, per share.

On the other side, Caverton Offshore Support Group led others on the losers’ chart with 9.09 per cent to close at N4.00, per share. University Press followed with a decline of 9.00 per cent to close at N4.55, while Wapic Insurance shed 6.30 per cent to close at N2.23, per share.

Veritas Kapital Assurance depreciated by 5.45 per cent to close at N1.04, while United Capital dipped by 5.00 per cent to close at N17.10, per share.

Meanwhile, the total volume traded surged by 89.97 per cent to 1.59 billion units, valued at N45.82 billion across 49,836 executed deals.