UBA, MTN Nigeria Propel Nigerian Stock Market to N273 Billion Gain

The Nigerian stock market closed in the green on Wednesday with a N273 billion gain in market capitalization.

This surge was largely attributed to the impressive performance of key players like United Bank for Africa (UBA) and MTN Nigeria Communication Plc, along with 30 other listed companies.

The stock market rally saw UBA recording a 2.37% gain to close at N25.90 per share while MTN Nigeria Communication Plc gained 2.26% to close at N249.00 per share.

These gains contributed significantly to the overall positive sentiment in the market.

As a result of these advancements, the NGX All-Share Index (ASI) rose by 482.87 basis points or 0.47% to close at 104,007.31 basis points from the previous day’s opening of 103,524.44 basis points.

The market capitalization also experienced a commendable surge, increasing from N58.534 trillion to N58.807 trillion by the close of trading.

Investor sentiment remained overwhelmingly positive with 32 stocks recording gains compared to 23 losers.

ETI and Julius Berger emerged as the highest price gainers, each surging by 10% to close at N22.00 and N67.10, respectively.

Other gainers included NEM Insurance, RT Briscoe, and Omatek Ventures, among others.

Despite the overall positive trend, some stocks experienced declines, with Skyway Aviation Handling Company leading the losers’ chart.

However, the market’s resilience and the substantial gains recorded underscored the growing confidence among investors and the resilience of the Nigerian stock market amid economic challenges.