Wednesday saw the Nigerian stock market continue its Santa Claus boom, with listed equity market capitalization surpassing N40 trillion.
Market capitalization at the end of trading surged by N599 billion, or 1.51 percent, to N40.164 trillion from N39.656 trillion recorded the day before.
The All-Share Index (ASI), which was announced on Tuesday, increased by 927.61 basis points to 73397.71 points from 72470.1 points. Gains in medium- and large-cap companies, such as those in Airtel Africa, Presco, Stanbic IBTC, Transcorp Hotel, Northern Nigeria Flour Mills, Cadbury, United Capital, and Multiverse, had an impact on the upturn.
According to experts from Vetiva Dealing and Brokerage, “We expect a similar mixed session tomorrow, as investors continue to cherry-pick attractive names across the board while taking profit on recent gainers.” This is how they see the market moving forward.
Twenty-three equities made up the losers’ chart on the price movement chart, while 37 stocks showed appreciation. Leading the gainers’ leaderboard in percentage terms were Multiverse and Transnational Corporation of Nigeria, which gained 10% apiece to close at N11.55 and N7.70 kobo, respectively.
After that, Infinity Savings closed at N3.75 per unit with a 9.97% gain, eTranzact closed at N6.75 per unit with a 9.73% gain, and Caverton Business Solutions closed at N1.93 per share with a 9.66% gain.
Tantalizer, on the other hand, headed the losers’ list, falling 10% to finish at 45 kobo, while Thomas Way lagged behind with a loss of 9.86% to finish at 45 kobo. TIP Plc closed at N1.07 kobo, down 9.32% from its opening price. Thomas Wyatts closed at N1.07 kobo, down 9.86 percent from its peak. Juli Pharmaceutical closed at 59 kobo, down 9.23% from the previous trading day. Additionally, Chams Plc saw a 9.05 percent decline, closing at N1.81 kobo.
In addition, investors traded 554.644 million shares valued at N12.829 billion in 7910 deals, up from 411.213 million shares valued at N6.948 billion that were swapped hands in 6870 deals the day before. This is a 34.88 percent increase in the volume of transactions.
With 89.454 million shares valued at N3.578 billion, GTCO Plc transactions accounted for the majority of market activity. AccessCorp came in second with 59.714 million shares valued at N1.366 billion. Transcorps sold 51.959 million shares for a total of N374.57 million, FCMB group exchanged 29.400 million shares for N211.977 million, and United Bank for Africa exchanged 24.829 million shares for N625.894 million.
Meanwhile, the recently concluded Made of Africa Awards, presented by Nigerian Exchange Limited (NGX), saw significant victories for MTN Nigeria Communications Plc, VFD Group Plc, CardinalStone Securities, and Chapel Hill Denham.
Temi Popoola, the CEO of Nigerian Exchange Limited, stated during the function that the yearly Made of Africa Awards are intended to promote greater listings, transactions, compliance, and innovation in the capital market.
The purpose of the NGX MOA Awards is to honor entities and people in the Nigerian capital market ecosystem who have excelled in creating lasting value and making a significant contribution to the development of the African and Nigerian capital markets.
Speaking during the ceremony, Popoola stated: “These awards provide a stage to highlight the finest that the capital market has to offer, encouraging more businesses in the private sector, governments at all levels, and states to list stocks, issue debt securities, and bring new money into the market. We are still dedicated to supporting and motivating our partners through NGX Made of Africa, as well as fostering inclusivity while we work to advance the capital market.
The head of the exchange continued, saying that NGX places a high value on “rewarding innovation, excellence, and adherence to existing rules and regulations as fundamental to stakeholder collaboration in our market” because it takes pride in setting the standard in these areas as well as corporate governance best practices.
