After four days of bearish trading, the Nigerian Exchange Limited witnessed a return of bullish trading on Wednesday, resulting in investors gaining N41 billion by the end of the day’s trading. The market capitalization and the All-Share Index both rose by 0.12 per cent, reaching N34.973 trillion and 64,267.36 points, respectively.
However, the number of deals, volume, and their value on the NGX showed a negative trend compared to the figures on Tuesday, declining by 21.22 per cent, 56.60 per cent, and 44.62 per cent, respectively. The year-to-date returns stood at 25.28 per cent.
The positive market sentiments led to 31 stocks appearing on the gainers’ table, while 26 stocks were on the losers’ table. The top gainers included AbbeyBDS, Chams, and NASCON, whose share prices appreciated by 10 per cent each. On the other hand, Thomas Wyatt and TIP were among the losers, losing 10 per cent of their market value.
Garba Kurfi, the Managing Director/CEO of APT Securities, expressed an optimistic outlook for the equity market, despite some listed companies’ poor performance in their half-year reports. He cited the performance of many companies beyond expectations and the likelihood of small stocks and penny stocks rallying up in an inflationary economy as reasons for the positive market outlook.