Emmanuel OchayiNigerian equities experienced an upswing in the market, resulting in a net capital gain of N64 billion. This is largely attributed to the performance of large and mid-cap stocks.
The Nigerian Exchange (NGX) benchmark indices showed an average gain of 0.17 percent, reflecting the overall market strength. The All Share Index (ASI) surged by 115.62 basis points, closing at an impressive 67,100.49 points compared to its opening index of 66,984.87 points.
Join our WhatsApp ChannelThis positive momentum also translated into an increase in the aggregate market value of all quoted equities, which moved from an initial N36.801 trillion to close at N36.865 trillion.
With 18 gainers surpassing 17 losers, the market’s overall buoyancy was chiefly driven by the notable performance of heavyweight stocks like BUA Cement, Union Bank of Nigeria (UBN), Transnational Corporation (Transcorp), and Flour Mills of Nigeria.
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The star of the show was Thomas Wyatt Nigeria, which posted an astounding price gain of 9.81 percent, closing at N2.35 per share. Following closely was DAAR Communications with an impressive gain of 9.52 percent, finishing at 23 kobo per share. Cornerstone Insurance also saw a substantial increase of 6.45 percent, closing at N1.65. Transcorp gained 5.41 percent to close at N6.43, while Union Bank of Nigeria rose by 5.30 percent to close at N6.95 per share.
On the flip side, Omatek Ventures led the losers’ chart with an 8.33 percent decline to close at 44 kobo. Oando followed with an 8.08 percent dip, ending at N9.10. Africa Prudential faced a 7.80 percent loss, closing at N6.50. Caverton Offshore Support Group experienced a decline of 6.92 percent, ending at N1.48, and Consolidated Hallmark Insurance depreciated by 6.25 percent, closing at N1.05 per share.
Market activity also witnessed a surge, with a 59.40 percent increase in turnover, totaling 410.321 million shares valued at N4.457 billion, spanning 5,637 deals. Neimeth International Pharmaceuticals led the pack with 163.201 million shares valued at N259.494 million. Access Holdings followed closely with 38.974 million shares worth N611.819 million. Zenith Bank traded 32.273 million shares valued at N1.019 billion, and Fidelity Bank traded 23.523 million shares valued at N194.178 million. United Bank for Africa (UBA) recorded 19.822 million shares worth N341.185 million.
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.
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