Stock Market maintains Uptrend, adds N6bn in Value

By Taiye Olayemi

The Nigerian stock market sustained its upward momentum on Wednesday, gaining about N6 billion as investors’ appetite for equities remained firm.

Stock Market capitalisation rose by N6 billion or 0.01 per cent to close at N106.442 trillion, up from an opening value of N106.436 trillion on the trading floor of the Nigerian Exchange.

The All-Share Index (ASI) also inched up by 0.01 per cent, adding 10.77 points to close at 166,267.60, compared with 166,256.83 recorded in the previous session.

NAN reports that the positive stock market performance was driven largely by price appreciation in stocks such as NCR Nigeria, RT Briscoe, McNichols, Jaiz Bank, May & Baker and 49 other equities.

Stock Market breadth closed positive, with 54 gainers outweighing 24 losers.

At the close of trading, NCR Nigeria, McNichols and RT Briscoe topped the gainers’ chart, each appreciating by 10 per cent to close at N171.05, N6.93 and N4.95 per share respectively. Jaiz Bank followed closely with a 9.99 per cent gain to N7.93, while May & Baker advanced by 9.95 per cent to close at N43.65 per share.

On the losers’ side, UPDC REIT led the chart, shedding 9.68 per cent to close at N8.40. Champion Breweries dropped by 9.31 per cent to N19, while Secure Electronic Technology declined by 6.78 per cent to N1.10 per share.

Also, Coronation Insurance fell by 6.69 per cent to close at N3.35, while Ecobank Transnational Incorporated dipped by six per cent to N47 per share.

Meanwhile, NAN reports that market activity showed mixed performance, with trading volume rising by three per cent and value increasing by 25 per cent, although the number of deals declined by four per cent.

A total of 822.7 million shares worth N24.9 billion were exchanged in 43,548 deals, compared with 795.5 million shares valued at N19.9 billion traded in 45,410 deals in the previous session.

Zichis Agro Allied Industries emerged as the most traded stock by volume, with 69.22 million shares, representing 8.41 per cent of the total volume traded. Stanbic IBTC recorded the highest value traded at N2.78 billion, accounting for 11.16 per cent of the day’s total turnover.