The Nigerian Exchange Limited (NGX) recorded a significant gain of N405 billion on Wednesday, driven primarily by the impressive performance of two Nigerian companies rather than the usual banking sector heavyweights.
ABC Transport and Beta Glass emerged as the top performers, both recording 10 percent gains in their share prices during the trading session. This rally pushed the market performance indices up by 0.56 percent as investors showed increased interest in major stocks.
Market Performance Highlights
The market capitalization rose to N72.302 trillion, up from Tuesday's close of N71.897 trillion. Similarly, the All-Share Index increased by 641.63 points to settle at 114,659.11.
Market breadth closed positively with 32 gainers outpacing 28 losers. Among the top gainers, ABC Transport closed at N2.64 per share, while Beta Glass settled at N231.10 per share. Other notable gainers included Berger Paints, which appreciated by 9.98 percent to close at N24.80, Fidson Healthcare with a 9.91 percent increase to N34.95, and Legend Internet Plc, which advanced by 9.88 percent to N6.45 per share.
Market Decliners
On the flip side, Vitafoam led the losers with a 6.64 percent decline, closing at N60.50. DAAR Communications dropped by 6.06 percent to 62k per share, while Nestlé Nigeria fell by 5.69 percent to N1,500.00. Mutual Benefits and Cornerstone Insurance also recorded losses of 5.61 percent and 5.37 percent, closing at N1.01 and N3.70 per share respectively.
Trading Volume and Activity
The day's trading saw a total of 471.15 million shares worth N14.19 billion exchanged across 20,538 transactions. First City Monument Bank dominated the activity chart with 40.29 million shares valued at N410.15 million changing hands.
United Bank for Africa followed with 36.55 million shares worth N1.31 billion, while Access Corporation recorded transactions of 35.05 million shares valued at N788.95 million.
The day's performance highlights the diverse nature of Nigeria's equity market, with companies outside the banking sector demonstrating their ability to significantly influence market movements.
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