Investors’ confidence in financial institutions listed on the Nigerian Exchange Limited propelled the local bourse to a second day of consecutive gains.
The All-Share index, following a previous day’s increase of 0.43%, inched up by 0.04% to close at 67,353.23 basis points.
Simultaneously, the market capitalization exceeded N37 trillion to close at N37.004 trillion at the close of trading.
Buy pressure in several key stocks, including United Bank for Africa, Eterna, AccessCorp, GTCO, Zenith Bank, Fidelity, Mansard, and Eterna, played a pivotal role in driving the upward trend.
The day’s transaction volume saw an uptick from the previous day, rising from 377.97 million to 397.56 million units of shares valued at N4.66 billion, with 6,165 deals completed. A total of 119 stocks traded by the end of the session.
Market breadth, a gauge of investor sentiment, was moderate at 1.06x compared to the previous day’s 1.23x, with 19 stocks emerging as gainers against 18 losers.
Guinea Insurance led the gainers’ chart with a 9.09% increase in its shares, closing at N0.24. The firm recently listed an additional 1,802,800,000 ordinary shares on the NGX following a private placement, increasing its total issued and fully paid-up shares.
In sectoral performance, three out of five sectors gained ground with the Banking, Insurance, and Oil/Gas indexes leading the way, advancing by 0.74%, 0.27%, and 0.22%, respectively. The Industrial goods sector declined by 0.06% while the Consumer Goods sector remained unchanged.
Wema Bank emerged as the most actively traded stock, with 88.99 million shares worth N418.15 billion changing hands in 65 deals, reflecting strong investor interest and optimism in Nigeria’s financial markets.
