The bulls returned to the Nigerian Exchange Limited (NGX) as gains from Okomu Oil and 32 other stocks pushed market capitalisation up by N11 billion on Wednesday.
At the close of trading, the All-Share Index (ASI) rose by 17.20 points (0.02%), closing at 107,798.99 points, while the market capitalisation increased to N67.179 trillion.
The positive momentum was driven by gains in medium and large-cap stocks, including Okomu Oil, Africa Prudential, Eterna, Nigerian Breweries, and United Capital.
Market Outlook
Analysts at Afrinvest Limited predict that the bullish trend will continue in the next trading session due to improved investor sentiment.
Winners & Losers
- Top Gainers:
- Africa Prudential led with a 9.90% increase, closing at N33.10.
- Caverton Offshore Support Group followed with a 9.87% gain to N2.45.
- Omatek Ventures rose 8.22% to 79 kobo.
- Lasaco Assurance increased 6.92% to N3.09.
- Eterna climbed 6.60% to N42.
- Top Losers:
- Guinea Insurance led the decline, dropping 10% to 72 kobo.
- Eunisell Interlinked lost 9.68%, closing at N9.80.
- The Initiates Plc fell 8.02% to N3.67.
- Oando slipped 7.69% to N48.00.
- Union Dicon Salt declined 7.50% to N5.55.
Trading Volume & Activity
- Total trading volume: 245.5 million shares, valued at N8.415 billion (a 32.4% decline from the previous session).
- Top traded stocks:
- Access Holdings: 36.55 million shares worth N937.93 million.
- Zenith Bank: 26.79 million shares valued at N1.29 billion.
- Sterling Financial Holdings: 11.25 million shares worth N62.30 million.
- Jaiz Bank: 10.88 million shares valued at N36.11 million.
- AIICO Insurance: 10.79 million shares worth N17.94 million.
With continued positive investor sentiment, analysts expect sustained market recovery in the coming sessions.
