Stock investors gain N33bn in bullish trading

Investors in the Nigerian stock market on Wednesday recorded a gain of N33bn as the market continued its bullish run for the second day in a row in the 2023 trading year.

The All Share Index rose by 61.90 absolute points, representing a gain of 0.12 per cent to close at 51,657.56 points.

Accordingly, investors gained N33bn in value as market capitalisation went up to N28.136tn.

The bullish run was impacted by gains recorded in medium and large capitalised stocks, among which are Nigerian Breweries, Flour Mills of Nigeria, BUA Foods, Nigerian Aviation Handling Company, and Fidelity Bank.

Market breadth closed positive as 21 stocks posted gains while 12 stocks posted declines. NAHCO, Nigerian Breweries, and Living Trust Mortgage Bank recorded the highest price gain of 10 per cent each to close at N7.70, N45.10, and N1.76 respectively, per share.

FCMB Group followed with a gain of 9.97 per cent to close at N3.86, while Fidelity Bank went up by 9.86 per cent to close at N4.79, per share.

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Japaul Gold & Ventures went up by 7.41 per cent to close at 29 kobo, while Royal Exchange appreciated by 7.41 per cent to close at 29 kobo, per share.

On the other hand, Champion Breweries led the losers’ chart by 10 per cent to close at N4.95, per share. Unity Bank followed with a decline of 6.78 per cent to close at 55 kobo, while Unity Bank for Africa went down by 3.61 to close at N8.00, per share.

Jaiz Bank lost 3.33 per cent to close at 87 kobo, while Consolidated Hallmark Insurance shed 2.99 per cent to close at 65 kobo, per share.

The total volume traded fell by 17.4 per cent to 265.726 million shares, worth N13.529bn, and traded in 4,156 deals. Transactions in the shares of BUA Cement topped the activity chart with 101.654 million shares valued at N9.851bn. Transnational Corporation of Nigeria followed with 32.770 million shares worth N37.144m, while Access Holdings traded 22.956 million shares valued at N199.941m.

Guaranty Trust Holding Company traded 12.227 million shares valued at N284.428m, while UBA transacted 12.214 million shares worth N99.413m.