Nigeria’s Stock Market Sees N508 Billion Gain with 1.28% Rise
The Nigerian stock market has experienced a series of successful trading days, with Wednesday’s 1.28 percent increase marking the third consecutive rally of the week. This positive movement resulted in investors gaining approximately N508 billion, attributed to the strong performance of companies such as Multiverse Mining and Exploration, Infinity Trust Mortgage Bank, Transcorp, and Caverton Offshore Support Group.
The overall market has witnessed a 1.39 percent rise this week, contributing to a month-to-date increase of 2.85 percent. Impressively, the year-to-date return for the market has reached a high of +43.21 percent following the recent surge.
Upon the conclusion of trading on Wednesday, the All-Share Index (ASI) and the market’s capitalization demonstrated notable growth, increasing from 72,470.1 points and N39.656 trillion to 73,397.71 points and N40.164 trillion, respectively.
Multiverse emerged as the top gainer, experiencing a 10 percent increase in share price, rising from N10.50 to N11.55. Transcorp also saw a significant rise, climbing from N7 to N7.70, and Infinity Trust Mortgage Bank’s stock price surged from N3.41 to N3.75, representing a 9.97 percent increase.
Other notable gainers include Etranzact, with a 9.73 percent rise from N5.65 to N6.20, and Caverton Offshore Support Group, which increased by 9.66 percent from N1.76 to N1.93.
In terms of trading activity, GTCO, Access Corporation, UBA, Transcorp, and FCMB Group were the actively traded stocks, with investors exchanging 54,644,050 shares worth N12.829 billion in 7,910 deals.
The positive momentum in the stock market is a clear indication of growing investor confidence and the potential for sustained economic growth. As more companies continue to perform well and attract investment, the overall outlook for the Nigerian economy looks promising.
It will be interesting to see how the market evolves in the coming days and whether this upward trend can be sustained. With various sectors showing strong performance, the stock market’s resilience is a positive sign for both investors and the economy as a whole.
