The Nigerian stock market closed higher on Wednesday, with investors gaining N100 billion in market capitalisation as trading activity rebounded sharply on the Nigerian Exchange (NGX).
Market Capitalisation Rises by N100 Billion
The NGX All-Share Index gained 155.03 points, representing an increase of 0.06%, to close at 242,378.13 points. Overall market capitalisation rose by N100 billion to close at N157.150 trillion, driven by price appreciation in large- and medium-capitalised stocks.
Data from the NGX showed that trading volume surged by 161.79% to 1.4 billion shares, while total deals reached 46,218. The market's positive performance was attributed to gains in Seplat Energy, Nigerian Exchange Group, Guaranty Trust Holding Company (GTCO), Access Holdings, and Transnational Corporation (Transcorp).
Trading Activity Rebounds with 1.4 Billion Shares Exchanged
A total of 1.40 billion shares worth N27.14 billion were exchanged in 46,218 deals. Fortis Global Insurance led the activity chart with 1.031 billion shares valued at N1.494 billion, followed by Mutual Benefits Assurance with 59.555 million shares worth N167.812 million.
Access Holdings exchanged 28.570 million shares valued at N791.714 million, GTCO traded 25.736 million shares worth N3.334 billion, and Zenith Bank transacted 14.318 million shares valued at N1.779 billion.
Seplat Energy Leads Gainers, Market Breadth Negative
Seplat Energy gained 10% to close at N14,907.80 per share, leading the gainers' list. Japaul Gold & Ventures rose by 9.83% to close at N2.57 per share, Tantalizer appreciated by 8.29% to close at N3.79 per share, Secure Electronic Technology increased by 7.94% to close at 68 kobo, and Access Holdings gained 5.66% to close at N28.00 per share.
However, market sentiment was negative as measured by market breadth, with 23 stocks gaining compared with 29 losers. R.T. Briscoe fell by 10% to close at N8.10 per share, Aradel Holdings declined by 10% to close at N1,413.00 per share, Champion Breweries dropped by 9.91% to close at N10.00 per share, International Breweries lost 9.80% to close at N9.20 per share, and CWG declined by 9.28% to close at N17.60 per share.
Outlook: Dangote Refinery IPO Could Pressure Market
Looking ahead, Cowry Assets Management Limited said the market could return to downward pressure as investors continue liquidating positions across the insurance and banking sectors ahead of the Dangote Refinery IPO, which is set to commence at the start of the coming week.
Earlier reports indicated that investors seeking to participate in the Dangote Refinery initial public offering can purchase shares through a wide range of approved financial intermediaries, including banks, stockbrokers, fintech platforms, and investment applications. The available options include the Nigerian Exchange Limited (NGX) Invest Portal.
