Investors Rejoice as Nigerian Exchange Limited Gains N132 Billion

On Wednesday, the Nigerian Exchange Limited (NGX) gained N132 billion at the market's close to cover losses incurred in previous markets. Yesterday, Seplat Nigeria recorded a 10% profit, Meyer Plc recorded a 9.79% profit, followed by Sunu Assurance with 9.56%, Nestle recorded a 9.53% profit, and Consolidated Hallmark Holdings Plc recorded a 9.24% profit.

The All-Share Index finished with a gain of 0.34%, reaching 71,283.34 points, and market capitalization increased to N39.007 trillion on the back of investor bullish sentiment, particularly in select medium and large-cap stocks with solid fundamentals, according to the PUNCH report.

Trading activities reduced as the total deals and volume declined by 19.14% and 32.55%, respectively, which amounted to 6,579 deals and 360.60 million units. The total value of the day rose by 17.64% to N6.61 billion. 

At yesterday's close, the NGX market saw 39 stocks lose while 21 stocks gained.

Top Gainers: Seplat, Meyer, Sunu Assurance, Nestle Plc, and Consolidated Hallmark Holdings Plc closed at N2.310, N3.59, N1.49, N1.150, and N1.30 per unit after gains ranging from 10% to 9.24%.

Top Losers: Guinea Insurance, which lost 10% to close at N0.27; Omatek, which lost 9.88% to close at N0.73; Abbey Mortgage Bank, which lost 9.68% to close at N1.68; Neimeth Pharma, which lost 9.45% to close at N1.82; and Tantalizer, which lost 8.62% to close at N0.53 per unit.

Performance across the sectors was confident, as four out of five sectors were positive, with the Insurance, Consumer Goods, Oil/Gas, and Industrial Goods indexes recording significant advancements, rising by 1.17%, 0.89%,  6.06%, and 0.01%, respectively.

Additionally, banking stocks were on the losing end, with a decline of 0.56%.

GTCO was recorded as the most traded security in terms of volume and value, with 56.91 million units worth N2.19 billion sold, changing hands in 261 deals at the close of Wednesday’s trading session.