The Nigerian Exchange Limited closed in the green zone on Wednesday, adding N305 billion to the wealth of equity investors, maintaining its optimistic outlook.
The Punch reported that following declines in the value of several medium-cap stocks on Monday, investors lost N259 billion. However, on Tuesday, they gained N166 billion.
The market capitalization and the All-Share Index increased by 0.78 percent to N39.294tn and 71,808.64, respectively, at the close of trading on Wednesday. Additionally, the index’s year-to-date gains increased to 40.11 percent.
There were 34 winners on the market at the end of the day compared to 22 losers, and there had been 121 stocks traded.
The increase in share prices of the top gainers for the day, Thomas Wyatt (9.93 percent), FBN Holdings (9.91 percent), Multiverse (9.90 percent), Ecobank Transnational Incorporated (9.88 percent), and Infinity Trust Mortgage Bank (9.70 percent), was a major factor in this bullish trend in the market.
Axa Mansard Insurance, Guinea Insurance, and Oando Plc are among them; their respective share prices decreased by 9.69%, 9.68%, and 9.13 percent.
Regarding sectoral performances, three of the five sub-sector gauges tracked closed in the red zone, indicating a very bearish trend. The Oil/Gas sector saw a lacklustre performance, while the NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices saw losses of 2.00%, 0.1%, and 0.2%, respectively.
Nonetheless, the Banking sector saw a huge 5.01 percent gain thanks to tier I banking stocks. The largest volume and highest value for the day were recorded by the banking stocks, Zenith Bank, GTCO, United Bank for Africa, and AccessCorp; these results added to the overall positive performance of the market.
The overall volume, value, and percentage of deals increased by 19.90%, 59.15%, and 8.88% to 8,412 deals, or 690.01 million units, valued at N12.10 billion, respectively. Trading activity remained positive throughout this period.
In terms of volume and value, GTCO was the most actively traded security, with 76.70 million units transacted in 260 deals for a total of N3.04 billion.
