The bulls extended their stay on Customs Street on Wednesday on the back of sustained bargain-hunting by the market participants.
The Nigerian Exchange (NGX) Limited was further strengthened during the trading day by 0.27 per cent as appetite for Nigerian stocks increased.
Data showed that the buying pressure was across the key sectors of the bourse, with the consumer goods industry recording the highest growth, 1.03 per cent.
Further, the industrial goods space appreciated by 0.95 per cent, the energy index rose by 0.41 per cent, the banking counter improved by 0.30 per cent, the commodity space soared by 0.29 per cent, and the insurance sector advanced by 0.11 per cent.
As a result, the All-Share Index (ASI) increased by 296.39 points to 111,902.61 points from 111,606.22 points and the market capitalisation appreciated by N187 billion to N70.564 trillion from N70.377 trillion.
University Press gained 10.00 per cent at midweek to quote at N5.61, Learn Africa also surged by 10.00 per cent to N4.51, Northern Nigeria Flour Mills jumped by 9.98 per cent to N130.55, Honeywell Flour climbed higher by 9.95 per cent to N21.00, and Omatek added 9.86 per cent to its share price to close at 78 Kobo.
However, Academy Press slipped by 10.00 per cent to N4.05, Abbey Mortgage Bank tumbled by 9.96 per cent to N6.87, SAHCO gave up 9.94 per cent to settle at N59.80, Enamelware depreciated by 9.88 per cent to trade at N22.80, and Multiverse crashed by 9.55 per cent to N8.05.
Business Post reports that at the close of trades, a total of 39 stocks ended on the gainers’ table and 28 stocks finished on the losers’ chart, indicating a positive market breadth index and bullish investor sentiment.
Market participants bought and sold 512.2 million shares worth N17.1 billion in 16,711 deals yesterday compared with the 409.6 million shares valued at N9.9 billion traded in 15,992 deals in the previous trading day, implying a jump in the trading volume, value, and number of deals by 25.05 per cent, 73.73 per cent, and 4.50 per cent apiece.
Leading the activity log for the session was Japual with a turnover of 58.9 million stocks worth N117.2 million, Fidelity Bank sold 48.2 million equities for N883.6 million, Custodian Investment exchanged 37.5 million shares valued at N756.0 million, GTCO traded 29.5 million stocks worth N2.1 billion, and FCMB transacted 22.8 million equities for N226.7 million.