Stock market extends upward trend with N6bn gain

The stock market sustained its upward momentum on Wednesday, with market capitalisation rising by six billion naira or 0.01 per cent, from an opening value of N106.436 trillion to close at N106.442 trillion.

The positive performance was primarily driven by gains in NCR Nigeria, RT Briscoe, Mc Nicholas, Jaiz Bank, May and Baker as well as 49 other stocks.

The All-Share Index also gained 0.01 per cent or 10.77 points, to close at 166,267.60, in contrast to 166,256.83 recorded on Tuesday.

Similarly, the market breadth closed positive with 54 gainers and 24 losers.

NCR Nigeria, Mc Nicholas and RT Briscoe topped the gainers’ table by 10 per cent each, finishing at N171.05, N6.93 and N4.95 per share respectively.
Jaiz Bank rose by 9.99 per cent, settling at N7.93 while May and Baker soared by 9.95 per cent, closing at N43.65 per share.

On the flip side, UPDCreit led the losers’ chart by 9.68 per cent, finishing at N8.40, Champion Breweries followed by 9.31 per cent, ending the session at N19 and Secure Electronic Technology fell by 6.78 per cent, closing at N1.10 per share.

Also, Coronation Insurance shed by 6.69 per cent, settling at N3.35 and Ecobank Transnational Incorporated dipped by 6 per cent, closing at N47 per share.

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Meanwhile, the market activity showed a three per cent growth in volume, 25 per cent increase in value but four per cent decline in deals.

A total of 822.7 million shares valued at N24.9 billion were traded in 43,548, compared to 795.5 million shares worth N19.9 billion that was exchanged across 45,410 deals earlier on Tuesday.

Zichis Agro Allied Industries recorded the highest volume with 69.22 million shares, accounting for 8.41 per cent of the total volume traded for the day.
Stanbic IBTC recorded the highest value traded at N2.78 billion, accounting for 11.16 per cent of total value traded for the day.

(NAN)