Stock Market Rallies To N319.61bn Gain
The Nigerian Exchange Limited (NGX) closed the market bullish as stocks rallied on Wednesday, pushing the All-Share Index (ASI) to gain 592.85 index points or 1.25 per cent and closing at 48,138.71 points up from 47,545.86 points.
Remarkably, the market capitalization of all listed equities on the NGX appreciated by N319.61 billion, representing 1.25 per cent to settle at N25.952 trillion compared to N25.632 trillion.
The positive trend of the Nigerian Bourse was triggered by gains recorded by Japaul Gold Plc, Eterna Plc, Guinness Nigeria Plc, Meyer Plc and Coronation Insurance Plc.
The market turnover decreased by 4.35 per cent as a total of 349.560 million units of shares worth N3.699 billion in 4,587 deals were traded compared to Tuesday when investors bought and sold 365.453 million shares valued at N7.106 billion in 5,790 deals.
The market breadth closed positive with 21 equities on the drop while 28 gained unlike 31 losers and 21 stocks advancing from the previous trading session.
The gainers’ table was led in percentage terms by Japaul Gold Plc, as the company rose by 10 per cent to close at N0. 33 kobo per share.
Similarly, Eterna Plc gained 10 per cent, as the Oil and Gas firm closed at N5.50 kobo per share, while Guinness Nigeria Plc soared by 9.96 per cent to close at N82.25 kobo per share.
Also, Meyer Plc and Coronation Insurance Plc appreciated by 9.66 per cent and 9.52 per cent to close at N1.93 kobo and N0.46 kobo per share respectively.
On the other hand, Union Dicon Plc, a health services firm dominated the losers’ chart in percentage parameters, losing 9.60 per cent to close at N8. 95 kobo per share.
In the same vein, CVW Plc and John Holt Plc dipped 9.28 per cent and 8.97 per cent to close at N0. 88 kobo and N0. 71 kobo per share respectively.
Also, two underwriting firms, Regency Assurance Plc and Sunu Assurance Plc fell by 8.57 per cent and 8.33 per cent to close at N0.32 kobo and N0. 33 kobo per share respectively.
Analysis of the NGX market activity chart shows that Universal Insurance Plc closed as the most active stock, as the insurer traded 73.046 million units of shares valued at N14.609 million, while Zenith Bank Plc was the most valuable company on the NGX, transacting 23.65 million shares worth N571.50 million.
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