Stock market indices increase by 0.56%, investors gain N405bn

The stock market closed on a positive note Wednesday, as performance indices grew by 0.56 per cent amid increased buying interest and bargain hunting.

Market capitalisation rose by N405 billion, or 0.56 per cent, to close at N72.302 trillion, compared with N71.897 trillion on Tuesday.

Similarly, the All-Share Index (ASI) also increased by 641.63 points, or 0.56 per cent, to settle at 114,659.11.

The uptrend was driven by strong buying interest in medium and large-capitalised stocks such as ABC Transport, Beta Glass, Berger Paints, Fidson Health, Legend Internet, and 27 other stocks.

Meanwhile, the market breadth also closed positive with 32 gainers and 28 losers.

On the gainers’ chart, ABC Transport increased by 10 per cent, to close at N2.64 while Beta Glass also gained by 10 per cent, settling at N231.10 per share.
Berger Paint soared by 9.98 per cent, finishing at N24.80 and Fidson Health rose by 9.91 per cent, closing at N34.95 per share.

Similarly, Legend Internet Plc climbed by 9.88 per cent, ending the session at N6.45 per share.

On the flip side, Vitafoam declined by 6.64 per cent, finishing at N60.50 while DAAR Communications fell by 6.06 per cent, closing at 62k per share.

Nestlé Nigeria dropped by 5.69 per cent, ending the session at N1,500.00 and Mutual Benefits lost by 5.61 per cent, settling at N1.01 per share.

Also, Cornerstone Insurance shed by 5.37 per cent, closing at N3.70 per share.

A total of 471.15 million shares worth N14.19 billion shares was exchanged across 20,538 transactions.

Transactions in the shares of First City Monument Bank topped the activity chart with 40.29 million valued at N410.15 million.

United Bank for Africa followed with 36.55 million worth N1.31 billion while Access Corporation sold 35.05 million shares valued at N788.95 million.

Zenith Bank traded 28.67 million shares worth N1.44 billion and Ja Paul Gold transacted 25.36 million shares valued at N50.14 million.