Equities market gains N505bn amid strong investor activity
BY TEMITOPE ADEBAYO
Equity investors saw their portfolios grow by N505 billion on Wednesday, driven by strong performances from key stocks alongside other notable gainers.
Data from the Nigerian Exchange showed the year-to-date return advancing, buoyed by a significant drop in headline inflation.
The market responded positively to inflation slowing, with investor sentiment shifting, which resulted in a positive uptick across key performance indicators in the equities market.
The Nigerian Exchange All Share Index rose by 0.87 per cent, closing at 108,609.51, while market capitalization gained 0.75 per cent, reaching N67.68 trillion. The gains were further bolstered by the cancellation of 166,948,153 treasury shares by Dangote Cement Plc.
Investor activity in blue-chip stocks drove the market out of a previous session decline, although overall trading volume and value dropped by 15.90% and 23.35%, respectively. Approximately 343.72 million units worth ₦8.63 billion were transacted across 12,970 deals, according to Atlass Portfolios Limited.
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ACCESSCORP led the trading volume with 18.97%, while Fidelity Bank, Zenith Bank, Sterling Bank, and Wapic followed closely. ACCESSCORP also topped the value chart, accounting for nearly 21% of the total value traded.
BUA Foods topped the gainers list with a 9.91% increase, followed by RTBRISCOE (+6.91%), Eterna (+6.25%), and others. On the downside, UPL was the biggest loser, dropping by -9.80%, followed by MCNICHOLS, REGALINS, and others.
Although the market closed positively, the breadth finished in the red, with 25 gainers and 28 losers. Sectoral performance was mixed, with the consumer goods sector surging by 4.16%, followed by the insurance sector (+0.29%), and the oil & gas sector (+0.03%). However, the banking sector recorded a decline of 0.61%, while the industrial sector remained unchanged.
