Stock market extends bullish trend by 0.99%

The stock market closed on a positive note Wednesday, as performance indices grew by 0.99 per cent amid increased buying interest and bargain hunting.

Market capitalisation rose by N863 billion, or 0.99 per cent, to close at N88.054 trillion, compared with N87.191 trillion on Tuesday.

Similarly, the All-Share Index (ASI) increased by 1,365.80 points, or 0.99 per cent, to settle at 139,278.67.

The uptrend was driven by strong buying interest in medium and large-capitalised stocks such as Multiverse Mining, Royal Exchange, Berger Paints, Dangote Sugar and 35 other stocks.

Also, the market breadth closed positive with 39 gainers and 32 losers.

On the gainers’ chart, Multiverse Mining increased by 10 per cent, settling at N9.90 while Royal Exchange also soared by 10 per cent, ending the session at N1.54 per share.

NPF Microfinance Bank gained by 9.97 per cent, closing at N3.42 and Berger Paints also rose by 9.97 per cent, finishing at N37.50 per share.

Similarly, Dangote Sugar climbed by 9.97 per cent, closing at N71.15 per share.

On the losers’ chart, Abbey Mortgage Bank dropped by 10 per cent, settling at N6.48 and FTN Cocoa Processors also declined by 10 per cent, closing at N6.30 per share.

Livingtrust Mortgage Bank fell by 9.97 per cent, finishing at N6.59 while SUNU Assurances shed by 9.61 per cent, ending the session at N4.14 per share.

Also, Consolidated Hallmark Holdings lost by 7.78 per cent, closing at N3.20 per share.

Meanwhile, 922.03 million shares worth N35.39 billion were traded across 36,423 transactions.

This is in contrast with 940.80 million shares worth N30.63 billion that was exchanged across 28,358 transactions earlier on Tuesday.

Transactions in the shares of Fidelity Bank topped the activity chart with 90.39 million shares worth N1.89 billion.

Access Corporation followed with 43.05 million shares valued at N1.19 billion while UACN traded 32.98 million shares worth N2.08 billion.

Universal Insurance transacted 32.29 million shares valued at N26.05 million and First City Monument Bank sold 31.81 million shares worth N328.4 million.