Stock Market Continues Upward Movement with N6 Billion Increase

The stock market experienced continued growth on Wednesday, with market capitalization increasing by six billion naira, representing a rise of 0.01 percent, shifting from an opening figure of N106.436 trillion to a closing value of N106.442 trillion.

This positive trajectory was largely attributed to gains made by various companies including NCR Nigeria, RT Briscoe, Mc Nicholas, Jaiz Bank, and May and Baker, among others, totaling 49 in number.

The All-Share Index also noted a rise of 0.01 percent or 10.77 points, finishing at 166,267.60, contrasting with the previous day's close of 166,256.83.

Moreover, the market recorded a favorable breadth with 54 stocks gaining in value while 24 stocks declined.

NCR Nigeria, Mc Nicholas, and RT Briscoe were the standout gainers, each seeing an increase of 10 percent, with their share prices concluding at N171.05, N6.93, and N4.95 respectively. Similarly, Jaiz Bank and May and Baker also had impressive gains, with Jaiz Bank climbing by 9.99 percent to settle at N7.93, and May and Baker rising by 9.95 percent, ending at N43.65.

On the other hand, UPDCreit topped the list of losers with a fall of 9.68 percent, ending at N8.40. Champion Breweries followed with a decrease of 9.31 percent, closing at N19, while Secure Electronic Technology fell by 6.78 percent to end at N1.10 per share.

Additionally, Coronation Insurance and Ecobank Transnational Incorporated dipped by 6.69 percent and 6 percent respectively, closing at N3.35 and N47.

As for trading activity, there was a reported three percent increase in volume alongside a 25 percent rise in value, despite a four percent drop in the number of deals made.

Throughout the day, a total of 822.7 million shares valued at N24.9 billion were exchanged over 43,548 transactions, compared to the preceding day’s 795.5 million shares worth N19.9 billion across 45,410 transactions.

Zichis Agro Allied Industries took the lead with the highest trading volume of 69.22 million shares, constituting 8.41 percent of the total traded volume for the session, while Stanbic IBTC recorded the highest value traded at N2.78 billion, accounting for 11.16 percent of the total value exchanged for the day.

(Source: NAN)