Nigerian Stocks’ Valuation Crosses N65trn After 0.51% Surge

Most of the interests were for banking equities, with the index closing higher by 3.17 per cent at midweek. The energy space grew by 0.31 per cent and the industrial goods sector appreciated by 0.09 per cent.

However, the insurance counter went down by 0.67 per cent, and the consumer goods industry depreciated by 0.44 per cent due to profit-taking activities.

When the market closed for the session, the All-Share Index (ASI) gained 536.54 points to settle at 105,324.89 points compared with the preceding day’s 104,788.35 points, and the market capitalisation increased by N332 billion to N65.222 trillion from N64.890 trillion.

Investor sentiment was bullish yesterday after the Nigerian Exchange (NGX) Limited ended with 37 price gainers and 21 price losers, representing a positive market breadth index.

Guinea Insurance chalked up 10.00 per cent during the session to trade at 88 Kobo, Eterna grew by 9.96 per cent to N30.35, Cadbury Nigeria leapt by 9.95 per cent to N24.30, International Energy Insurance surged by 9.91 per cent to N2.33, and FBN Holdings advanced by 9.56 per cent to N32.10.

Conversely, May and Baker depreciated by 9.88 per cent to N7.75, Academy Press slumped by 9.33 per cent to N2.72, Thomas Wyatt tumbled by 9.31 per cent to N1.85, Deap Capital lost 6.80 per cent to quote at 96 Kobo, and The Initiates dipped by 6.72 per cent to N3.47.

At Wednesday’s session, the market participants bought and sold 1.1 billion equities valued at N28.8 billion in 15,080 deals, in contrast to the 471.7 million equities worth N19.9 billion traded in 14,600 deals on Tuesday, indicating a jump in the trading volume, value, and number of deals by 124.13 per cent, 44.72 per cent, and 3.29 per cent, respectively.

Access Holdings was the busiest stock at the exchange during the trading day with the sale of 473.2 million units worth N12.6 billion, FBN Holdings transacted 99.1 million units for N3.0 billion, UAC Nigeria traded 46.4 million units valued at N1.7 billion, Zenith Bank sold 44.7 million units worth N2.2 billion, and AIICO Insurance exchanged 33.2 million units valued at N56.2 million.