Investors Smile as NGX Gains N306 Billion in Wednesday Market

On Wednesday, the Nigerian stock market finished positively as major stocks like FBN Holdings and 33 others pushed market capitalization to N306 billion. On Tuesday, the Nigerian Exchange Limited recorded gains at the close of Tuesday's market with N166 billion increase.

All-Share Index rose by 0.78% to close at 71,808.64 basis points from 71,250.17 basis points, as buying interest in FBN Holdings gained 9.91%, Access Holdings gained 9.04%, and Stanbic IBTC Holdings rose by 5.60%, driving the market into a positive close.

Market capitalization rose by N306 billion to close at N39.295 trillion from N38.989 trillion it closed the previous day.

Despite the green lead, the NGX Insurance and NGX Consumer Goods declined by 2% and 0.1%, respectively, while the NGX Industrial Goods and NGX Oil and Gas indices finished flat. NGX Banking added 5%, the sole gain for yesterday.

Market breadth market sentiment was positive as 34 stocks gained, while 22 performed negatively. 

Top Gainers: Thomas Wyatt Nigeria emerged as the highest price gainer, with 9.93%, to close at N3.32 per share.  FBNH followed with a gain of 9.91% to close at N29.40, while Multiverse Mining and Exploration advanced by 9.90% to close at N7.77 per share. ETI rose by 9.88% to close at N18.90, while Infinity Trust Mortgage Bank appreciated by 9.70% to close at N1.47 per share. 

Top Losers: AXA Mansard Insurance led with 9.69% to close at N4.10 per share. Guinea Insurance followed with a decline of 9.68% to close at 28 kobo, while Oando shed 9.13% to close at N10.45 per share. Omatek Ventures lost 8.14% to close at 79 kobo, while Universal Insurance depreciated by 7.41% to close at 25 kobo per share.

The total volume traded advanced by 61.2% to 690.01 million units, valued at N12.10 billion, and was exchanged in 8,412 deals. Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 76.703 million shares worth N3.04 billion. United Bank for Africa (UBA) followed with an account of 74.567 million shares valued at N1.658 billion, while Fidelity Bank traded 65.633 million shares valued at N596.318 million.

Access Holding traded 64.176 million shares worth N1.337 billion, while Universal Insurance traded 47.129 million shares worth N12.209 million.