Following gains in NASCON Allied Industries Plc and also 23 stocks that increased total capitalization by N141 billion yesterday, the bulls returned to the Nigerian Exchange Limited (NGX) equity market.
The all-share index (ASI) increased by 87.91 points at the close of trades, or 0.13 percent, to settle at 66,570.19 points. Additionally, market capitalization increased to settle at N36.527 trillion, up N141 billion.
The increase in value of major and medium-sized firms, such as NASCON Allied Industries, Vitafoam Nigeria, Julius Berger, Dangote Sugar Refinery, and GlaxoSmithKline Consumer Nigeria, was the primary driver of the market upturn.
“Investor sentiments, as measured by market breadth, weakened to 0.07x from 0.13x in the prior session as 24 stocks advanced, 19 declined, and 69 closed flat,” according to Afrinvest analysts.
“We anticipate that tomorrow’s market will maintain its favorable position because of the sales opportunities.”
The market’s breadth was favorable at the closing, with 24 equities rising compared to 19 declining. With a 9.93% increase to conclude at N4.65, Wema Bank emerged as the biggest price mover, followed by Thomas Wyatt Nigeria, which saw a 9.74% rise to close at N2.14 kobo.
While Royal Exchange and DAAR Communications increased by 8.70 percent apiece to close at 50 kobo and 25 kobo, respectively, Regency Alliance Insurance improved by 8.82 percent to close at 37 kobo.
Champion Breweries, on the other hand, closed at N3.38 kobo, 9.87 percent higher than those on the losers’ chart. Chellarams closed at N3.48, down 9.84 percent, while Associated Bus Company lost 9.72 percent, closing at 65 kobo.
While McNichols depreciated by 7.69% to conclude at 60 kobo, UACN Property Development Company (UPDC) fell by 8.57% to close at N1.28.
With 6,959 deals, 1.014 billion units worth N4.733 billion were exchanged, a 54.27 percent rise in trade volume.
With 657.095 million shares valued at N985.650 million, transactions involving Neimeth International Pharmaceuticals shares accounted for the majority of the activity. Following Oando, which exchanged 47.225 million shares for N11.203 million, Universal Insurance had an account of 75.146 million shares valued at N771.244 million.
Sterling Financial Holdings Company also traded 24.430 million shares worth N87.370 million, while Fidelity Bank traded 35.143 million shares worth N288.092 million.
