The Nigerian equities market extended its upward momentum on Wednesday, delivering an additional N409 billion in gains to investors, data from Nigerian Exchange Ltd. (NGX) showed.
The rally was supported by renewed buying interest in stocks such as Okomu Oil, Union Dicon Salt, Seplat Energy, NCR Nigeria and McNicholas, alongside more than 30 other equities.
Market capitalisation rose by 0.40 per cent, climbing from N102.275 trillion at the opening to N102.684 trillion at the close of trading.
In tandem, the All-Share Index (ASI) advanced by 640.68 points, or 0.40 per cent, to settle at 160,591.76, up from 159,951.08 in the previous session.
Despite the broad market appreciation, sentiment was mixed as decliners slightly outnumbered gainers. At the close, 38 stocks closed lower, while 35 recorded price increases.
On the losers’ table, Cadbury Nigeria topped the list after sliding 10 per cent to N63 per share. Austinlaz followed closely, shedding 9.93 per cent to close at N5.08.
Aluminium Extrusion Industries dropped 9.91 per cent to N19.55, while Haldane McCall lost 9.85 per cent to finish at N4.21.
FTN Cocoa Processors also retreated, falling 9.62 per cent to N6.01.
Conversely, Seplat Energy, Okomu Oil Palm and Union Dicon Salt led the advancers after each posted the maximum 10 per cent gain, closing at N6,171, N1,204.50 and N8.80, respectively.
NCR Nigeria climbed 9.97 per cent to N79.95, while McNicholas appreciated by 9.93 per cent to settle at N4.76.
Trading activity showed a mixed trend, with improved volume and value but fewer deals executed. Investors exchanged 1.44 billion shares valued at N20.7 billion across 49,286 transactions, compared with 758.9 million shares worth N19.9 billion traded in 54,212 deals a day earlier.
Universal Insurance dominated activity by volume, accounting for 804.11 million shares, or 55.82 per cent of total shares traded.
On the value side, Seplat Energy emerged as the most traded stock, with transactions worth N3.50 billion, representing 16.90 per cent of the market’s total turnover.
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