39 Nigerian companies push NGX to N863bn features

Thirty-nine Nigerian firms listed on the country’s stock exchange propelled the exchange market to continue its bullish trend with an N863 billion gain on Wednesday.

This comes as the Nigerian Exchange Limited (NGX) market capitalisation rose 0.99 percent on Wednesday to close at N88.054 trillion, compared with N87.191 trillion on Tuesday.

In the same vein, the All-Share Index (ASI) increased by 1,365.80 points, or 0.99 percent, to settle at 139,278.67.

The gain is driven majorly by uptrends in the stocks of Multiverse Mining, Royal Exchange, Berger Paints, Dangote Sugar, and 35 others.

To this end, the market breadth closed positive with 39 gainers and 32 losers.

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

This is followed by NPF Microfinance Bank, Berger Paints, and Dangote Sugar stock gains and other stocks, respectively.

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

At the close of business on Wednesday, 922.03 million shares worth N35.39 billion were traded across 36,423 transactions, in contrast with 940.80 million shares worth N30.63 billion that were exchanged across 28,358 transactions earlier on Tuesday.

Accordingly, trading in the shares of a Nigerian commercial bank, Fidelity Bank topped the activity chart with 90.39 million shares worth N1.89 billion; Access Corporation followed.

DAILY POST reports that the country’s stock market has been on the uptrend since last week.

The gains have been attributed to feasts of interim dividends in Nigeria’s local bourse.