Nigerian stock market reverses loss, gains N684 billion

The Nigerian stock market reversed its previous day’s losses on Wednesday, gaining N684 billion and boosting investors’ portfolios.

The uptick was a result of renewed investor interest in stocks like Beta Glass, Mansard, Skyway Aviation Handling Company, Zichis Agro Allied Industries, Japaul Gold and 29 other equities.

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Accordingly, the market capitalisation, which opened at N121.552 trillion, increased by N684 billion to close at N122.236 trillion.

The All-Share Index also rose by 0.56 per cent or 1,065.02 points, to close at 190,427.96, against 189,362.94 recorded on Tuesday.

As a result, the Year-To-Date(YTD)return stood at 22.37 per cent.

However, the market breadth closed negative with 42 losers and 34 gainers.

Deap Capital Management led the losers’ chart by 10 per cent, ending the session at N6.30, Mecure trailed by 9.99 per cent, settling at N84.25, while Vitafoam dipped by 9.98 per cent, closing at N116.85 per share.

Also, Union Dicon Salt went down by 9.80 per cent, finishing at N18.40, and Abbey Mortgage Bank shed by 9.62 per cent, closing at N10.80 per share.

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On the other hand, Beta Glass, Skyway Aviation Handling Company and Mandard led the gainers’ chart by 10 per cent each, finishing at N498.50, N128.70 and N17.05 per share respectively.

Similarly, Zichis Agro Allied Industries gained by 9.95 per cent, closing at N14.36 and Japaul Gold appreciated by 9.90 per cent, settling at N3.33 per share.

Analysis of the trading activity revealed a 206 per cent growth in volume, a three per cent increase in value and a 21 per cent drop in deals.

A total of 3.7 billion shares valued at N61.9 billion were traded across 68,693 transactions, compared with the previous day’s 1.9 billion shares worth N60.2 billion exchanged in 86,607 deals.

FCMB recorded the highest volume and value with 2.94 billion shares traded at N35.88 billion, accounting for 80.17 per cent and 57.98 per cent, respectively, of the day’s total volume and value traded.

(NAN)