The Nigerian stock market has extended its winning streak, recording a third consecutive day of gains on Wednesday. The market’s capitalization rose by N224 billion, or 0.32%, to close at N71.118 trillion, up from N70.894 trillion the previous day. This upward trend was mirrored in the All-Share Index, which climbed 354.25 points, or 0.32%, to reach 112,781.73, compared to 112,427.48 on Tuesday.
Driving this positive trend was a strong interest in medium and large-cap stocks, with notable performers including Oando, UH Real Estate Trust, Royal Exchange, Legend Internet, Lasaco Assurance, and 27 other stocks. The market breadth was decidedly positive, with 32 stocks gaining value and 21 losing. Oando led the gainers, surging 10% to N51.70, while UH Real Estate Trust increased by 9.96% to N50.25 per share. Royal Exchange, Legend Internet, and Lasaco Assurance also made significant gains, rising by 8.64%, 7.27%, and 6.67%, respectively.
On the other end of the spectrum, Nigerian Railway Corporation topped the list of losers, dropping 9.89% to N5.92, followed closely by ABC Transport, which fell 9.83% to N2.66 per share. Meyer, Academy, and Livestock Feeds also experienced significant declines, losing 9.63%, 9.58%, and 6.77%, respectively.
The day’s trading activity saw a total of 611.53 million shares valued at N16.68 billion change hands across 13,682 transactions. This was slightly lower than the 622.64 million shares worth N16.12 billion traded in 17,044 transactions on Tuesday. Fidelity Bank led the activity chart, with 93.47 million shares valued at N1.78 billion, followed by Guaranty Trust Holding Company, which traded 87.20 million shares worth N5.95 billion. Royal Exchange, United Bank for Africa, and Access Corporation also featured prominently, with transactions worth N64.93 million, N1.97 billion, and N854.59 million, respectively.
This positive trend in the Nigerian stock market signals a resurgence of investor confidence, potentially paving the way for further growth in the coming days. As the market continues to evolve, it will be interesting to watch how these trends unfold and their impact on the broader economic landscape.
