Lagos: The stock market concluded its trading on Wednesday with a positive outcome, as performance indices recorded a 0.08 per cent increase amid heightened buying interest and bargain hunting activities.
According to News Agency of Nigeria, the market capitalisation experienced a rise of N67 billion, or 0.08 per cent, closing at N83.856 trillion, compared to the previous day’s N83.789 trillion. The All-Share Index (ASI) similarly saw an increase of 105.70 points, or 0.08 per cent, settling at 132,557.43.
The upward movement was primarily driven by robust buying interest in medium and large-capitalised stocks, including companies like Academy, The Initiate, and Ikeja Hotel, among 27 other stocks. Despite this positive trend, the market breadth ended on a negative note with 37 stocks declining compared to 30 gainers.
On the downside, Austin Laz and Company saw a 10 per cent drop, closing at N2.34, while Tripple Gee decreased by 9.95 per cent, ending at N3.89 per share. Omatek fell by 9.72 per cent to N1.30, DAAR Communications declined by 9.64 per cent to 75k per share, and Guinea Insurance shed 9.09 per cent, finishing at 90k per share.
Conversely, on the gainers’ side, FG192038S2 surged by 16.87 per cent to N97.00, and Academy rose by 10 per cent, closing at N7.70 per share. The Initiates Plc increased by 9.98 per cent to N13.34, Ikeja Hotel gained 9.95 per cent to end at N21.00 per share, and Nigerian Enamelware climbed by 9.84 per cent, closing at N24.55 per share.
The trading session saw the exchange of 681.24 million shares valued at N17.02 billion across 26,931 transactions. This was a decrease compared to Tuesday’s trading of 771.65 million shares worth N26.78 billion across 32,734 transactions. Leading the activity chart were transactions in Access Corporation with 98.62 million shares valued at N2.74 billion. Ellah Lakes followed with 61.119 million shares worth N581.61 million, while Ja Paul Gold traded 49.16 million shares valued at N136.75 million.
