First HoldCo records highest value as stock market investors gain N71bn

The Nigerian stock market rebounded on Wednesday after a one-day decline, as investors recorded a bullish rally that added N71 billion to market value.

The surge was fueled by sustained investor interest in stocks such as Linkage Assurance, AVA Capital, FTN Cocoa Processors, Mc Nicholas, WAPIC, and 15 other equities.

As a result, the market capitalisation rose from N158.015 trillion at the opening of trading to N158.086 trillion at the close, representing a 0.04 per cent gain, equivalent to N71 billion in added investor wealth.

The All-Share Index (ASI) also advanced by 0.04 per cent, or 109.41 points, climbing from 245,802.83 in the previous session to 244,912.24 at the close of trading.

The Year-to-Date (YTD) return improved to 57.39 per cent, while the market breath closed negative with 30 losers 20 gainers.

PZ Cussons and Honeywell Flour led the losers’ chart by 9.94 per cent each, closing at N74.75 and N16.30 per share, respectively.

Zichis Agro Allied Industries shed by 9.74 per cent, finishing at N20.76, Learn Africa dipped by 9.62 per cent, settling at N9.40, while Neimeth International Pharmaceutical dropped by 8.33 per cent, ending the session at N8.25 per share.

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Conversely, Linkage Assurance led the gainers’ chart by 9.94 per cent, closing at N1.77, AVA Capital trailed by 9.55 per cent, settling at N10.90, and FTN Cocoa Processors advanced by 7.69 per cent, finishing at N2.80 per share.

Mc Nicholas increased by 7.34 per cent, ending the session at N5.85, while WAPIC rose by 5.51 per cent, closing at N2.49 per share.

Market activity weakened during the session, as total volume traded decreased by 47.25 per cent to 824.06 per cent valued at N25.47 billion across 48,114 deals.

FCMB recorded the highest volume with 369.24 million shares traded, accounting for 44.81 per cent of the day’s volume.

First HoldCo recorded the highest value at N5.68bn, accounting for 22.28 per cent of the value traded for the day.