Trading activities at the floor of the Nigerian Exchange (NGX) closed with a gain of N32 billion in market capitalization, as bulls regained their grip on the local bourse.
Also, the All Share Index (ASI) increased by 0.11percent to close at 49,475.43 points. In the same vein, market breadth closed positive as UPL led 21 gainers, with 11 losers topped by JAPAULGOLD at the end of today’s session.
As of the close of the market on Wednesday, the stock market value stood at N26.9 trillion. Year to date, the stock market has advanced by 6,758.99 basis points or 15.8%.
Wednesday’s performance was positive as the gains recorded in UPL (+9.83%), THOMASWY (+9.68%), AFRIPRUD (+9.35%), CHAMPION (+4.88%) and CHAMS (+4.76%) offset the losses seen in MBENEFIT (-3.45%), FTNCOCOA (-3.33%), WEMABANK (-2.73%), WAPIC (-2.44%) and JAIZBANK (-2.30%).
Sectorally, performance was positive as the Banking (+0.22%), Oil and Gas (+0.08%) and Consumer Goods (+0.05%) sectors closed in green while the Industrial sector closed flat.
In terms of activity levels, total volume and value rose by 311 percent and 390 percent respectively as investors exchanged about 411 million units of shares worth N6.35 billion. UPDCREIT (-1.59%) was the most actively traded stock with about 245 million units of shares worth about N760 million.
However, the equities market closed bullish due to the gains printed across major sectors.
Going forward, analysts at Investment One expect “investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”