The Nigerian stock market extended its bullish momentum on Wednesday, with investors recording a N459 billion gain.
Market capitalisation rose from N92.031 trillion to N92.490 trillion, representing a 0.50 per cent increase. Similarly, the All-Share Index (ASI) appreciated by 723.83 points, closing at 144,995.26, compared to 145,719.09 posted on Tuesday.
The upward trend was driven by renewed demand for FTN Cocoa Processors, Livingtrust Mortgage Bank, Eterna, Prestige Assurance, Fidelity Bank, and several other advancing stocks.
Despite the positive close, market breadth ended negative with 34 losers and 29 gainers, indicating some profit-taking among investors.
On the losers’ chart, Industrial and Medical Gases topped with a 9.97 per cent drop to close at N32.95, followed by Livingtrust Mortgage Bank which declined 9.93 per cent to N5.35, while Sunu Assurances shed 9.48 per cent to N5.25 per share.
Jaiz Bank fell 7.53 per cent to N4.30, and CHAMS dropped 6.28 per cent to N4.33 per share.
Conversely, FTN Cocoa Processors led the gainers’ table with an 8.89 per cent rise to close at N6, while Livestock Feeds gained 7.43 per cent to N7.95, and Eterna advanced 6.96 per cent to N41.50 per share.
Prestige Assurance appreciated 4.94 per cent to N1.70, and Fidelity Bank rose 4.74 per cent to N21 per share.
Market activity showed a decline in value and number of deals, but an increase in traded volume. A total of 525.72 million shares valued at N13.61 billion were exchanged in 25,597 deals, compared to 507.41 million shares worth N24.29 billion traded in 30,681 deals on Tuesday.
In terms of volume, Consolidated Hallmark Holdings topped the activity chart with 83.54 million shares worth N351.03 million. It was followed by FirstHoldCo with 36.54 million shares valued at N1.13 billion, while Jaiz Bank traded 28.7 million shares worth N125.56 million.
CHAMS recorded 24.46 million shares valued at N106.69 million, and Ellah Lakes exchanged 21.37 million shares worth N300.23 million.
