Stock Market: Sustained Interests trigger 0.31% Gain

The benchmark index extended Tuesday’s gain by 0.31% at the close of transactions on the floor of the Nigerian Exchange Limited, NGX on Wednesday.


Specifically, the equities market All-share index closed at 52,580.86 basis points as against yesterday’s 52,419.33 basis points, representing a 161.53 basis points or 0.31% increase.


Also, the market capitalisation increased by ₦88bn or 0.31% from ₦28,543trn to settle at ₦28,631trn.


Sustained bargain-hunting in Tier-1 banking names ZENITH BANK PLC (+2.65%), GUARANTY TRUST HOLDING COMPANY PLC (+4.18%) and FBN HOLDINGS PLC (+0.83%) as well as NIGERIAN BREWERIES PLC (+9.63%) triggered the market’s positive performance.


The total volume of shares traded today stood at 680.80 million units of shares, valued at ₦7.89 billion, and exchanged in 6,666 deals where FIDELITY BANK PLC (-2.12%) led the volume chart with 254.05m units of shares traded, while GUARANTY TRUST HOLDING COMPANY PLC (+4.18%) led the value chart in deals worth ₦1.57bn.


As measured by market breadth, market sentiment was positive as 29 stocks gained relative to 18 losers.


MRS OIL NIGERIA PLC was the top gainer for the day with a rise from ₦33.75k per share to ₦37.10k per share, gaining ₦3.35k or 9.93%. NIGERIAN BREWERIES PLC trailed with a rise from ₦35.30k per share to ₦38.70k per share, gaining ₦3.40k or 9.63%. And CORNERSTONE INSURANCE PLC followed with a rise from 0.74k per share to 0.81k per share, gaining 0.07k or 9.46%.


Conversely, CONSOLIDATED HALLMARK INSURANCE PLC led the losers, depreciating from 0.65k per share to 0.60k per share by 0.05k or 7.69%. Next is SOVEREIGN TRUST INSURANCE PLC with a decline from 0.46k per share to 0.43k per share by 0.03k or 6.52%. While TRANSNATIONAL CORPORATION PLC lost 0.16k or 5.23% to close at ₦2.90k per share from ₦3.06k per share.


Across the sectors, activities were broadly positive, as the Consumer Goods (+1.1%), Banking (+1.0%), Oil & Gas (+0.5%), and Insurance (+0.5%) indices recorded gains, while the Industrial Goods (-0.1%) index declined.



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