The Nigerian stock market continues its uptrend as sentiment continues to improve. The stock market closed on a positive note on Wednesday, leading to a year-to-date gain in yields, according to data from the local stock exchange.
All stock indices and consumer market capitalization rose on the Nigerian stock exchange as investors scrambled ahead of the second quarter earnings season. Despite high interest rates for investors, the year-to-date return of 15.75% is approaching faster inflation than the bond market.
Equity investors earned Rs 116 billion as the market index (All Shares Index) rose 213.93 basis points, up +0.36% to close at 59,323.95. However, market activity was mixed on the day as total volume increased +9.20% while total volume decreased -31.84%.
Atlass Portfolios Limited said in a market report that 7,806 transactions were settled with approximately 643.03 million units valued at £6.1798 billion. In the market, UNIVINSURE was the most traded stock in terms of volume, accounting for 22.05% of total trading volume.
Insurance stocks were followed by GTCO (7.00%), JAPAULGOLD (5.88%), UBA (4.94%) and ACCESSCORP (4.28%) in the top five volume charts. Due to its size, GTCO became the most traded stock by trading value, accounting for 23.61% of total FX trading volume. AFROMEDIA tops the leaderboard today with a price increase of 10.00%, followed by ETRANSACT (9.91%), FTNCOCOA (+9.88%), NEIMETH (+9.88%), UNITYBNK (+9, 76%) and 38 others continued.
Twenty-five stocks fell, with JAIZBANK the biggest loser, falling -10.00% to close at ₦1.53. MEYER (-9.88%), IKEJAHOTEL (-9.86%), TANTALIZER (-9.09%), CADBURY (-9.04%), INTENEGINS (-8.23%) also dropped.
Thus, the market width ended positive, recording 43 winners and 25 losers.
Market sector performance also finished positive, with three of the five major market sectors up. Insurance (+1.93%), followed by Oil & Gas (+1.41%) and Industrials (+1.84%). Meanwhile, the banking and consumer staples sectors fell -0.60% and -0.11%, respectively. Overall, the stock market closed at ₦32,302.18 trillion, up ₦116.49 billion from ₦3,218.569 billion the day before.
