The Nigerian stock market reversed a brief downturn on Wednesday, posting a modest gain of N20 billion for investors. The All-Share Index rose by 0.02 per cent, bouncing back from a day of losses as renewed investor interest pushed key stocks upward. Market analysts attributed the recovery to confidence returning in select equities, signaling cautious optimism among traders.
Investor activity centered on prominent stocks, including Skye Shelter Fund, Royal Exchange, International Energy Insurance, Julius Berger, and Omatek Ventures. Skye Shelter Fund led the day’s gainers with a 9.88 per cent rise, closing at N418.75, while Royal Exchange and International Energy Insurance followed with increases of 7.37 per cent and 6.05 per cent, respectively. Julius Berger shares rose by 5.51 per cent, and Omatek Ventures climbed 4.90 per cent, reflecting strong demand across multiple sectors.
On the flip side, some stocks struggled to maintain value. Tripple Gee topped the losers’ table with a 9.91 per cent decline to N4.91 per share. Industrial and Medical Gases fell by 9.87 per cent, UAC of Nigeria dropped 6.46 per cent, while Ellah Lakes and Ja Paul Gold ended lower by 4.66 per cent and 4.51 per cent respectively, highlighting uneven performance across the market.
Market breadth closed positive, with 34 gainers against 28 losers. Overall trading activity saw a significant boost as 389.1 million shares worth N12.5 billion exchanged hands in 23,017 transactions. This marked an increase compared to Tuesday’s 262.5 million shares valued at N8.3 billion traded across 16,693 transactions, indicating a revival in both volume and investor engagement.
Fidelity Bank led trading by volume, with 46.9 million shares valued at N942.3 million changing hands. CHAMS followed with 24.8 million shares, Zenith Bank traded 20.8 million shares worth N1.42 billion, while Access Corporation and FirstHoldCo recorded 19.2 million and 16.6 million shares respectively. Analysts note that these high-volume trades contributed significantly to the market’s overall recovery, reinforcing investor confidence in the mid-week session.
source: vanguard