Stock market indices increase by 0.08%, investors gain N67bn

By Taiye Olayemi

The stock market closed on a positive note on Wednesday, as performance indices grew by 0.08 per cent amid increased buying interest and bargain hunting.

Market capitalization rose by N67 billion, or 0.08 per cent, to close at N83.856 trillion, compared with N83.789 trillion on Tuesday.

Similarly, the All-Share Index (ASI) increased by 105.70 points, or 0.08 per cent, to settle at 132,557.43.

The positive trend was driven by strong buying interest in medium and large-capitalised stocks such as Academy, The Initiate, Ikeja Hotel and 27 other stocks. Meanwhile, the market breadth closed negative with 37 losers 30 gainers. On the losers’ chart, Austin Laz and Company dropped by 10 per cent, settling at N2.34 while Tripple Gee fell by 9.95 per cent, closing at N3.89 per share.

Omatek lost by 9.72 per cent, ending the session at N1.30 and DAAR Communications declined by 9.64 per cent, finishing at 75k per share. Similarly, Guinea Insurance shed by 9.09 per cent, closing at 90k per share. On the gainers’ chart, FG192038S2 increased by 16.87 per cent, ending the session at N97.00 while Academy grew by 10 per cent, closing at N7.70 per share.

The Initiates Plc rose by 9.98 per cent, settling at N13.34 and Ikeja Hotel gained by 9.95 per cent, finishing at N21.00 per share. Also, Nigerian Enamelware soared by 9.84 per cent, closing at N24.55 per share. 681.24 million shares worth N17.02 billion were exchanged across 26,931 transactions.

This is compared with 771.65 million shares worth N26.78 that was traded across 32,734 transactions earlier on Tuesday.

Transactions in the shares of Access Corporation topped the activity chart with 98.62 million shares worth N2.74 billion.

Ellah Lakes followed with 61.119 million shares valued at N581.61 million while Ja Paul Gold sold 49.16 million shares worth N136.75 million.

Royal Exchange Plc traded 43.75 million shares valued at N53.61 million and Universal Insurance transacted 32.07 million shares worth N23.39 million.

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