The Nigerian Exchange Limited (NGX) continued its upward trend on Wednesday, as market capitalisation increased by N629 billion, driven by gains in Airtel Africa and 46 other stocks.
The All-Share Index (ASI) rose to 242,729.51 points from 241,750.15 in the previous session, while market capitalisation climbed to N155.78 trillion from N155.15 trillion. The positive performance was influenced by gains in medium and large capitalised stocks, including Airtel Africa, Chemical and Allied Products (CAP), Vitaform Nigeria, Berger Paints, and Dangote Sugar Refinery.
Commenting on the market outlook, Cowry Assets Management Limited stated: "Heading into Thursday's session, the market is expected to sustain its bullish momentum, underpinned by renewed positive investor sentiment amid the ongoing earnings season."
Market breadth was broadly positive, with 47 gainers outpacing 23 losers. Airtel Africa recorded the highest price gain of 10 per cent, closing at N3,323.40. CAP followed with a gain of 9.99 per cent to close at N193.20, while Zichis Agro Allied Industries rose by 9.97 per cent to close at N27.58. RT Briscoe went up by 9.95 per cent to close at N1.28, while FTN Cocoa Processors and DEAP Capital Management & Trust appreciated by 9.92 per cent each to close at N7.31 and N5.54, respectively.
On the other hand, SUNU Assurance led the losers' chart, declining by 10 per cent to close at N4.05. Guinness Nigeria followed with a decline of 9.99 per cent to close at N402.60, while Caverton Offshore Support Group declined by 8.33 per cent to close at N5.50. Fortis Global Insurance depreciated by 7.69 per cent to close at N1.08, and May & Baker Nigeria declined by 6.82 per cent to close at N41.
The total volume traded advanced by 11.59 per cent to 1.415 billion units, valued at N59.426 billion, and exchanged in 85,804 deals. Transactions in shares of CWG topped the activity chart with 421.699 million shares valued at N8.853 billion. Access Holdings followed with 85.42 million shares worth N2.117 billion, while Chams Holdings traded 83.392 million shares valued at N267.021 million. Secure Electronic Technology traded 59.755 million shares valued at N59.515 million, and Zenith Bank sold 56.025 million shares worth N7.17 billion.
