Onome Amuge
The Nigerian equities market saw a rally on Wednesday as the market capitalisation surged by N96 billion at the close of trading.
The rebound, Business a.m, gathered, was propelled by a robust uptick in the share prices of several stocks, including INTENEGINS, JOHN HOLT, and EUNISELL, among others, as they became more sought-after among traders on the Nigerian Exchange (NGX).
The Nigerian equity market witnessed a surge in investor confidence, driving the market cap to N59 trillion from the N58.9 trillion recorded just the day before. The capital influx was accompanied by a rise in the All-Share Index (ASI), which jumped to 97,477.80 from 97,260.39 on the previous day.
INTENEGINS, JOHN HOLT, and EUNISELL were the market darlings on Wednesday, as their share prices soared 10 percent, 9.98 percent, and 9.88 percent, respectively.
This bullish momentum drove their stock prices to close at N1.32, N6.39, and N10.90, respectively, compared to their previous closing prices of N1.20, N5.81, and N9.92 per share.
Wednesday’s trading session saw REGALINS, DAAR COMMUNICATION, and SOVEREIGN INSURANCE suffer heavy losses as their share prices plunged 10 percent, 7.46 percent, and 6.35 percent, respectively.
The bearish market sentiment pushed their stock prices to close at N0.45, N0.62, and N0.59, respectively, compared to their previous closing prices of N0.50, N0.67, and N0.63 per share.
ACCESS CORP dominated the trading floor as investors exchanged e 40 million shares in 490 deals, leading the volume index.
Following closely was UBA, with 23 million shares traded in 522 deals.
FIDELITY BANK also made its presence felt with 21 million shares traded in 225 deals.
In terms of value index, ARADEL topped the list, with stocks worth N1.6 billion traded in 810 deals, leading the market in value.
ACCESS CORP followed closely with equities worth N979 million traded in a hefty 1,202 deals, indicating substantial investor activity.
GTCO also featured prominently with shares valued at N794 million traded in 224 deals.
