Market Capitalisation Rises by N314 Billion as Investors Profit

The Nigerian equity market sustained its bullish momentum on Wednesday, adding N314 billion to the portfolios of investors. The market capitalisation, which opened at N56.133 trillion, gained N314 billion or 0.56 per cent to close at N56.447 trillion.

The All-Share Index also rose by 0.56 per cent or 545 points, to close at 98,230.92 points, compared to 97,685.64 points on Thursday. The positive performance was driven by sustained interest in Geregu, FBN Holdings, Access Corporation, Fidelity Bank, and other advanced stocks.

The Year-To-Date, YTD return increased by 31.37 per cent, with 28 gainers and 26 losers on the floor of the Exchange. Sky Shelter Fund Plc led the gainers’ table, advancing by 9.99 per cent to close at N179.45, followed by Honeywell Flour, Meyer Plc, Academy Press, and Caverton.

On the other hand, Northern Nigeria Flour Mills led the losers’ table, declining by 10 per cent to close at N39.15, followed by Berger Paints, Deap Capital Management and Trust Plc, Livestock, and Omatek.

Despite the positive performance, trade turnover settled lower relative to the previous session, with the value of transactions down by 19.49 per cent. A total of 361.30 million shares valued at N7.57 billion were exchanged in 9,627 deals, compared to 471.30 million shares valued at N9.40 billion in 12,061 deals traded in the previous session.

JapaulGold led the activity chart in volume with 64.04 million shares, while Geregu led in value with deals worth N1.34 billion.

The sustained bullish momentum in the market is a positive sign for investors, indicating a steady growth in the Nigerian economy. As the market continues to perform well, it is essential for investors to remain cautious and make informed decisions to maximize their returns.