Nigerian Stock Market Gains N389 Billion Midweek as Bullish Streak Continues
The Nigerian stock market sustained its positive momentum midweek, with investors recording significant gains exceeding N300 billion. This rally reflects ongoing confidence in the equities market, bolstered by active buying interest in key sectors.
Market Performance and Key Drivers
Data from the Nigerian Exchange (NGX) revealed that on Wednesday, April 8, the market capitalisation increased by N389 billion, closing at N130.404 trillion. The All-Share Index (ASI) also rose by 562.44 points, a 0.28% gain, to settle at 202,585.54 points. This upward trend was primarily fueled by robust performances in stocks such as Seplat Energy, NGX Group, Zenith Bank, GTCO, and Stanbic IBTC Holdings.
Analysts from Futureview Group noted that the market is likely to maintain its positive bias in the near term, as investors continue to position themselves in fundamentally sound stocks. However, they cautioned that intermittent profit-taking activities could moderate the gains.
Top Gainers and Losers
Despite the overall bullish sentiment, market breadth closed negative, with 31 losers outweighing 22 gainers. The top performers included:
- Universal Insurance: Rose by 10.00% to close at N1.21 per share.
- Omatek Ventures: Gained 9.78% to close at N2.47.
- VFD Group: Advanced 9.71% to close at N11.30.
- CWG: Appreciated by 9.64% to close at N21.05.
- Livestock Feeds: Increased by 9.56% to close at N7.45.
On the downside, the major losers were:
- Fortis Global Insurance: Declined by 9.92% to close at N1.18 per share.
- DEAP Capital Management & Trust: Fell by 9.85% to close at N5.40.
- Chams Holding Company: Dropped by 9.47% to close at N3.06.
- Japaul Gold & Venture: Shed 8.82% to close at N3.10.
- International Breweries: Lost by 8.09% to close at N12.50.
Trading Activity and Volume
Trading activity showed a slight decline, with total volume decreasing by 12.64% to 1.007 billion shares, valued at N40.57 billion across 52,723 deals. The most active stocks during the session included:
- Access Holdings: Led with 232.98 million shares valued at N6.06 billion.
- Fidelity Bank: Recorded 113.08 million shares worth N2.17 billion.
- Wema Bank: Traded 103.30 million shares valued at N2.69 billion.
- Zenith Bank: Posted 60.64 million shares valued at N6.47 billion.
- Chams Holding Company: Recorded 47.51 million shares worth N154.55 million.
Regulatory Warning on Investment Schemes
In related news, the Securities and Exchange Commission (SEC) of Nigeria has issued a cautionary statement regarding AfriQuantumX, an unregistered investment platform. The SEC described the entity as potentially fraudulent, displaying characteristics commonly associated with Ponzi schemes. The commission emphasized that investing with such platforms carries significant risks and advised the public to exercise due diligence.
This report is based on market data and analysis, highlighting the ongoing dynamics in Nigeria's financial landscape.
