Recovering from losses of the previous session, the equities market on Wednesday posted strong gains as the market capitalisation gained N557billion to cross the N28 trillion mark.
Precisely, the overall market capitalisation value gained N557 billion to close at N28.486 trillion, while the NGX All-Share Index inched higher by 1,033.04 basis points or 1.99 per cent to close at 52,838.45 basis points,
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Okomu Oil, Dangote Cement, Presco and Nigerian Breweries.
Market sentiment, as measured by market breadth was positive as 43 stocks gained, relative to 27 losers. Okomu Oil and Computer Warehouse Group (CWG) recorded the highest price gain of 10 per cent each to close at N205.70 and 99 kobo respectively, while Champion Breweries followed with a gain 9.93 per cent to close at N4.43, per share.
McNichols Plc rose by 9.90 per cent to close at N1.11, while Industrial and Medical gases Nigeria, International Breweries and Transcorp Hotels appreciated by 9.88 per cent each to close at N9.45, N8.90 and N4.45 respectively, per share.
On the other hand, Ikeja Hotels and BUA Foods led the losers’ chart by 10 per cent each to close at N1.17 and N56.70 respectively, while Eterna followed with a decline of 9.92 per cent to close at N6.54, per share.
Northern Nigeria Flour Mills (NNFM) declined by 9.50 per cent to close at N9.05, while R.T. Briscoe Nigeria depreciated by 8.70 per cent to close at 63 kobo, per share.
Meanwhile, the total volume of trades rose by 23.9 per cent to 417.386 million units, valued at N7.331 billion, and exchanged in 7,255 deals. Transactions in the shares of Jaiz Bank topped the activity chart with 40.439 million shares valued at N34.916 million. Transnational Corporation of Nigeria (Transcorp) followed with 35.367 million shares worth N42.617 million, while International Breweries traded 25.354 million shares valued at N224.911 million.
Unilever Nigeria traded 24.640 million shares valued at N362.616 million, while Fidelity Bank transacted 20.991 million shares worth N74.127 million.
GTI Securities Limited stated that “Equity market continues with the bullish run. We expect that this trend will be maintained this week.” Also, Afrinvest Limited expected the positive performance to be sustained as investors continue to hunt for bargains.
