Emmanuel Ochayi
The Nigerian Exchange Limited witnessed a resurgence on Wednesday as the market experienced a surge in capitalization, bolstered by the rise in share values of Seplat Energy, Meyer Plc, Sunu Assurance, Nestle, and Consolidated Hallmark Holdings Plc.
This surge led to a commendable 0.34% increase in the All-Share Index, marking an ascent to 71,283.34 points. This upward trajectory propelled the market capitalization to N39.007 trillion, attributing this achievement to investors’ unwavering optimism, particularly in robust medium and large-cap stocks exhibiting strong fundamentals.
Join our WhatsApp ChannelDespite a dip in trading activity in terms of deals and volume, witnessing a decline of 19.14% and 32.55% respectively, the market demonstrated an increase in the total value of trades, soaring by 17.64% to N6.61 billion.
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However, amid the bullish sentiments, the market observed more losers, 39 in number, compared to gainers, which numbered 21.
Bearing witness to strong investor interest, Seplat, Meyer, Sunu Assurance, Nestle Plc, and Consolidated Hallmark Holdings Plc saw their stocks closing at N2.310, N3.59, N1.49, N1.150, and N1.30 per unit, reflecting gains ranging from 10% to 9.24%.
Conversely, the losers’ chart was led by Guinea Insurance, facing a 10% decline to close at N0.27, followed by Omatek, Abbey Mortgage Bank, Neimeth Pharma, and Tantalizer, marking losses ranging from 8.62% to 10%.
The market sectors largely displayed a bullish performance, with the Insurance, Consumer Goods, Oil/Gas, and Industrial Goods indexes recording significant gains of 1.17%, 0.89%, 6.06%, and 0.01%. However, banking stocks emerged as the sole laggard for the day, experiencing a decline of 0.56%.
At the close of Wednesday’s trading session, GTCO emerged as the most traded security both in terms of volume and value, with 56.91 million units valued at N2.19 billion, transacted across 261 deals.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
