The Nigerian Exchange Group Limited (NGX) sustained its bullish momentum on Wednesday, as the benchmark All-Share Index (ASI) appreciated by 0.50 per cent.
The upward trajectory was driven largely by gains in MTN Nigeria Communications Plc (+4.64%), Fidelity Bank Plc (+4.74%), and Zenith Bank Plc (+0.58%), which lifted the ASI by 723.83 basis points to close at 145,719.09 basis points, compared to 144,995.26 basis points recorded in the previous session.
These gains offset losses in Dangote Sugar Refinery Plc (-6.10%), Transnational Corporation Plc (-1.01%), and NEM Insurance Plc (-5.46%).
Similarly, market capitalisation rose by 0.50 per cent, gaining ₦459 billion to close at ₦92.49 trillion, from ₦92.03 trillion on Tuesday. The month-to-date and year-to-date returns stood at +2.1 per cent and +41.58 per cent, respectively.
Market activity showed a mixed performance as the total volume of trades rose by 3.61 per cent to 525.73 million units, while the value of trades fell by 43.95 per cent to ₦13.61 billion, exchanged in 25,597 deals.
FBN Holdings Plc emerged as the most traded stock by volume with 36.54 million units, while Guaranty Trust Holding Company Plc (GTCO) topped the value chart at ₦1.80 billion.
However, overall market sentiment was negative, as 29 stocks recorded gains against 34 decliners.
On the gainers’ chart, FTN Cocoa Processors Plc (+8.89%), Livestock Feeds Plc (+7.43%), and Eterna Plc (+6.96%) led the way. Conversely, Industrial & Medical Gases Nigeria Plc (-9.97%), LivingTrust Mortgage Bank Plc (-9.93%), and Sunu Assurances Nigeria Plc (-9.48%) topped the losers’ list.
Across the sectors, the Oil & Gas (+0.6%) and Banking (+0.1%) indices recorded marginal gains, while the Insurance (-0.8%) index declined. The Industrial Goods and Consumer Goods indices closed flat.
