The Nigerian equities market extended its bullish run on Wednesday, with investors gaining N409 billion amid renewed buying interest across select stocks.
Data from the Nigerian Exchange Ltd (NGX) showed that market capitalisation rose by 0.40 per cent, closing at N102.684 trillion from N102.275 trillion at the previous session.
Similarly, the All-Share Index advanced by 640.68 points, or 0.40 per cent, to settle at 160,591.76, compared with 159,951.08 recorded on Tuesday.
The rally was driven by strong demand for stocks such as Seplat Energy, Okomu Oil, Union Dicon Salt, NCR Nigeria and McNicholas, alongside gains in over 30 equities.
Despite the overall market appreciation, breadth closed negative as 38 stocks declined while 35 recorded gains.
Cadbury topped the losers’ chart, shedding 10 per cent to close at N63, followed by Austinlaz, which dropped 9.93 per cent to N5.08. Aluminium Extrusion Industries fell by 9.91 per cent to N19.55, while Haldane McCall declined by 9.85 per cent to N4.21. FTN Cocoa Processors also lost 9.62 per cent, closing at N6.01.
On the gainers’ side, Seplat Energy, Okomu Oil and Union Dicon Salt appreciated by the maximum 10 per cent each, closing at N6,171, N1,204.50 and N8.80 respectively. NCR Nigeria advanced by 9.97 per cent to N79.95, while McNicholas rose by 9.93 per cent to N4.76.
Trading activity showed mixed performance, with total volume increasing but the number of deals declining. Investors exchanged 1.44 billion shares valued at N20.7 billion in 49,286 deals, compared with 758.9 million shares worth N19.9 billion traded in 54,212 deals in the previous session.
Universal Insurance dominated volume activity, accounting for 804.11 million shares or 55.82 per cent of total volume traded. Seplat Energy led in value terms, with transactions worth N3.50 billion, representing 16.90 per cent of the day’s total value.
