Nigerian Stock Market Sees Significant Gains, Investors Pocket N186 Billion
In a remarkable display of market resilience, the Nigerian Exchange Limited (NGX) continued its upward trajectory on Wednesday, with investors raking in a substantial N186 billion in gains. This bullish trend was reflected in the NGX market capitalization, which rose by 0.27% to close at N68.543 trillion, up from N68.357 trillion the previous day. Similarly, the All-Share Index (ASI) increased by 296.72 points, or 0.27%, to settle at 109,059.33.
The driving force behind this uptrend was the strong buying interest in medium- and large-capitalized stocks, including McNichols Consolidated Plc, Northern Nigeria Flour Mills, Champion Breweries, Caverton Offshore Support Group, and 30 other stocks. This buying spree resulted in a positive market breadth, with 34 gainers outpacing 24 losers. McNichols Consolidated Plc and Northern Nigeria Flour Mills led the pack, with 10% increases to close at N1.76 and N99.55 per share, respectively.
Other notable gainers included Champion Breweries, which soared 9.91% to N6.10, and Caverton Offshore Support Group, which gained 9.78% to N4.04 per share. FTN Cocoa Processors also saw a significant increase, growing 9.65% to N2.50 per share. On the other hand, Multiverse Mining fell 9.63% to N9.85, while Legend Internet Plc dropped 5.41% to N8.40 per share.
The trading activity was brisk, with 531.29 million shares worth N19.81 billion exchanged across 14,870 transactions. This surpasses the previous day’s volume of 498.48 million shares worth N10.781 billion. Guaranty Trust Holding Company led the activity chart, with 53.27 million shares worth N3.68 billion changing hands. Access Corporation and Fidelity Bank followed closely, with 51.90 million shares valued at N1.11 billion and 40.55 million shares worth N834.83 million, respectively.
As the Nigerian stock market continues to show signs of strength, investors are taking notice. The significant gains recorded on Wednesday demonstrate the market’s potential for growth and its attractiveness to investors. With the market capitalization now standing at N68.543 trillion, it will be interesting to see how the market performs in the coming days. One thing is certain, however: the Nigerian Exchange Limited is on a bullish run, and investors are reaping the rewards.
