Nigerian Equities Extend Winning Streak to Five Sessions, Market Cap Gains N316bn
The Nigerian equities market extended its bullish run to a fifth consecutive trading session on Wednesday, as renewed investor interest pushed the market higher. The positive sentiment was partly supported by optimism surrounding the proposed Dangote Refinery listing, helping sustain buying activity across several major stocks.
The All-Share Index gained 487.28 points, representing a 0.20 per cent increase, to close at 244,791.79 points. The rise also lifted the overall market capitalisation by N316bn to N158.715tn, signalling continued gains for investors as activity on the Nigerian Exchange Limited remained positive.
Large and mid-cap stocks were among the major drivers of the session, with Nigerian Exchange Group, MTN Nigeria Communications, Nigerian Breweries, Transnational Corporation and Champion Breweries recording price appreciation. Market breadth also remained positive, with 34 stocks gaining against 25 decliners. Sovereign Trust Insurance led the gainers, rising 9.69 per cent to N2.15 per share.
Champion Breweries followed with a 9.50 per cent gain to N10.95, while Livestock Feeds rose 9.42 per cent to N7.55. Learn Africa gained 9.09 per cent to N8.40, and Mutual Benefits Assurance advanced 8.93 per cent to N3.05. On the losing side, Industrial & Medical Gases Nigeria fell 9.93 per cent to N27.65, followed by John Holt, which declined 9.88 per cent to N7.30, while LivingTrust Mortgage Bank shed 9.84 per cent to N2.84.
Trading activity also strengthened during the session, with total volume rising 31.1 per cent to 662.43 million shares valued at N37.45bn across 63,271 deals. Sterling Financial Holdings led activity with 142.04 million shares worth N1.07bn, followed by AIICO Insurance with 73.63 million shares valued at N274.42m. Fidelity Bank, Guaranty Trust Holding Company and Zenith Bank also recorded significant trading volumes, highlighting sustained investor participation in the Nigerian equities market.
source: punch