Nigerian stock market records fifth straight gain, adds N315bn as trading volume surges 27%

By Taiye Olayemi

The Nigerian equities market sustained its bullish run on Wednesday, extending its gains to five consecutive trading sessions as market capitalisation rose by N315 billion.

The market capitalisation increased by 0.20 per cent from N158.399 trillion at the opening to N158.714 trillion at the close of trading.

Similarly, the All-Share Index (ASI) advanced by 487.28 points, representing a 0.20 per cent increase, to close at 244,791.79, compared with 244,304.51 recorded on Tuesday.

The latest gain pushed the market’s year-to-date return to 57.31 per cent.

Market breadth also remained positive, with 34 stocks recording gains against 26 losers.

Sovereign Trust Insurance led the gainers’ table, appreciating by 9.69 per cent to close at N2.15 per share.

Champion Breweries followed with a 9.50 per cent gain to N10.95, while Livestock Feeds rose by 9.42 per cent to N7.55 per share.

Learn Africa gained 9.09 per cent to close at N8.40, while Mutual Benefits advanced by 8.93 per cent to N3.05 per share.

On the other side of the market, Industrial and Medical Gases recorded the biggest decline, shedding 9.93 per cent to close at N27.65 per share.

John Holt followed with a 9.88 per cent loss to N7.30, while Livingtrust Mortgage Bank declined by 9.84 per cent to N2.84 per share.

Fidson Healthcare fell by 9.19 per cent to close at N72.65, while Royal Exchange depreciated by nine per cent to close at 91k per share.

Trading activity also strengthened during the session, with total volume of transactions increasing by 27.23 per cent to 662.43 million shares.

The shares were exchanged in 63,271 deals, with the transactions valued at N37.45 billion.

Sterling Nigeria dominated trading by volume, accounting for 142.04 million shares, representing 21.44 per cent of the total volume traded.

In terms of value, Guaranty Trust Holding Company recorded the highest turnover at N5.27 billion, representing 14.07 per cent of the total market value for the session.

The sustained positive performance comes as investors continue to drive activity across several equities, keeping the domestic stock market firmly in positive territory.