Investors gain N141 billion as stock market sustains upward momentum

By Taiye Olayemi

The Nigerian stock market extended its upward trend on Wednesday, posting a marginal gain of 0.11 per cent, with investors recording a N141 billion increase in value.

The rally at the stock market was driven by sustained buying interest in stocks including Legend Internet, Zichis Agro Allied Industries, Premier Paints, John Holt and Consolidated Hallmark Holdings, among others.

At the close of trading, stock market capitalisation rose from N128.836 trillion to N128.977 trillion, reflecting the N141 billion increase.

In the same vein, the All-Share Index advanced by 219.87 points to close at 200,925.75, compared to 200,705.88 recorded at the previous session.

The stock market performance pushed the Year-to-Date return higher to 29.12 per cent.

Market breadth remained neutral, with 32 gainers and 32 losers recorded during the session.

On the gainers’ table, Legend Internet led with a 10 per cent increase to close at N7.26 per share. Premier Paints and Zichis Agro Allied Industries followed closely, each appreciating by 9.93 per cent to close at N31 and N11.40 respectively.

John Holt also recorded a 9.79 per cent gain to settle at N15.70, while Consolidated Hallmark Holdings rose by 6.26 per cent to N5.26 per share.

Conversely, Fidson Healthcare topped the losers’ chart, declining by 9.97 per cent to close at N94.85. Austinlaz shed 9.89 per cent to N4.01, while Livingtrust Mortgage Bank dropped by 7.08 per cent to N4.46 per share.

Secure Electronic Technology fell by 7.04 per cent to N1.32, while Sterling Nigeria declined by 5.56 per cent to close at N7.65 per share.

Trading activity weakened during the session, as total volume declined by 58.34 per cent to 537.99 million shares, valued at N25.39 billion across 45,641 deals.

Wema Bank recorded the highest traded volume with 104.33 million shares, accounting for 19.39 per cent of total transactions.

In terms of value, MTN Nigeria dominated the market with trades worth N19.39 billion, representing 29.68 per cent of the total value traded.