NGX Gain N1.62 Trillion in Wednesday Trading Session

Nigerian stocks continue in their bullish run this week as they finished yesterday on the green side after gaining N1.62 trillion, which signifies a 3% increase to close at N55.58 trillion. The previous day, market capitalisation finished at N53.967 trillion after investors gained N1.56 trillion.

Nigerian Exchange Limited All-Share Index hits 101,571.11 basis points, surpassing the 100,000 basis points mark, while year-to-date, it has gained 35.84%.

When tracked by Bloomberg, the gain of 35.8% shows that investors' returns have surpassed inflationary levels in the country and outperformed other indices in the African, European, and Middle Eastern markets as tracked.

As measured by market breadth, investor sentiment closed positive as 35 stocks gained, while 32 stocks lost.

Top Gainers: Wapic Insurance led the chart with 10% to close at 88 kobo per share. BUA Cement followed with a gain of 9.98% to close at N179.65, while Japaul Gold & Ventures increased by 9.91% to close at N2.55 per share.

University Press appreciated by 9.82% to close at N3.69, while Tripple Gee & Company rose by 9.69% to close at N2.83 per share. 

Top Losers: NEM Insurance led the chart with 10% to close at N7.20 per share. Cadbury Nigeria followed with 9.96% to close at N23.50, while The Initiates Plc (TIP) declined with 9.92% to close at N2.27 per share. May & Baker Nigeria declined by 9.89% to close at N6.65, while McNichols lost 9.88% to close at N1.46 per share.

The total value of stocks traded by investors was N8.04 trillion, a 51% decline from the value traded the previous day.

Leading conglomerate Transnational Corporation Plc was the most liquid stock on NGX as investors exchanged N1.6 trillion worth of its stock in 1,207 deals on Wednesday. BUA Cement, Dangote Cement, United Bank for Africa and Zenith Bank also formed part of the top 5 traded stocks by volume.

According to analysts and industry watchers, all eyes are now on the Central Bank of Nigeria as it plans to hold its first Monetary Policy Committee meeting, where the apex bank is expected to raise the benchmark interest rate by as much as 5%.