Extending the bullish run for the second consecutive session, the Nigerian equities market posted strong gains on Wednesday as the benchmark Index ended 3.13 per cent stronger to settle at 59,985.10 basis points.
The domestic equities market sustained its upward trend on Wednesday, spurred by positive investor sentiment following reports of the Central Bank of Nigeria allowing the Naira to freely float at the I&E Window and the well-received suspension of the CBN Governor.
Data from the FMDQ indicated that at the official investor and exporter window where forex is traded by investors and exporters, the exchange rate between the naira and dollars closed at N664.04/$1 as against the closing rate of N471.67 on Tuesday, representing a devaluation of 29 per cent in one day.
At the Nigerian Exchange Limited (NGX) sustained demands in index heavyweight MTN Nigeria Communication, alongside Zenith Bank, Guaranty Trust Holding Company and Seplat Energies drove the broader index’s strong performance as the bellwethers appreciated in stock value by 10.0 per cent, 9.74 per cent, 9.42 per cent and 10.00 per cent, respectively.
Equities investors, therefore, earned N991.81 billion as the market capitalisation settled at N32.66 trillion at the end of the day’s trading sessions.
As measured by market breadth, market sentiment was largely positive, as 70 tickers gained relative to 13 losers.
On the performance board, Dangote Sugar and International Breweries topped the gainers’ list having appreciated in stock value by 10.00 per cent, respectively, while Pharma Deko and CWG recorded the highest losses of the day after their respective share prices dipped by 9.7 per cent and 9.4 per cent.
Performance across sub-indices tracked was largely positive except for the NGX Industrial index, which fell by 1.13 per cent amid sell-offs in the cement majors, BUA Cement and Dangote Cement.
The NGX Banking, NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indexes rose by 26.52 per cent, 22.98 per cent, 4.09 per cent and 16.01 per cent, respectively.
Analysis of market activities indicated that trade turnover settled higher relative to the previous session, with the value of transactions up by 9.65 per cent. A total of 1.30 billion shares valued at N21.08 billion were exchanged in 11,947 deals.
United Bank for Africa led the volume chart with 230.76 million units traded, while Guaranty Trust Holding Company led the value chart in deals worth N4.20 billion.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
WEEK BRIEF: Emefiele’s suspension, arrest and Nigeria Air’s revelations top news
The story of the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele by President Bola Tinubu broke the internet on…
Controversial Nollywood actor Uche Maduagwu has claimed that no fewer than 95% of both married and single celebrities, including…
Real Reason Tinubu suspended Emefiele — FG
President Bola Tinubu, on Friday, ordered immediate suspension of Mr Godwin Emefiele as…
10 points from President Tinubu’s Democracy Day broadcast
In commemoration of this year’s Democracy Day celebration, President Bola Tinubu made his…
[PHOTOS] Hilda Baci: Lady begins 120 hours cook-a-thon to break Guinness Records
DURING his inauguration speech, President Bola Ahmed Tinubu announced that the era of…
SERIE A: Victor Osimhen becomes first African to win Capocannoniere award
A chef identified as Damilola Adeparusi has begun a 120-hour cooking marathon in Oye Local Government Area in…
and then