The Nigerian Exchange Limited extended its positive run on Wednesday, with the All-Share Index rising 576.36 points to 251,191.02, representing a 0.23 percent gain. This increase brought the market capitalization to N163.056 trillion, a N374 billion increase from N162.682 trillion at the opening. The session recorded 43 gainers and 20 decliners, reflecting sustained positive sentiment across the market.
The gainers' chart was led by ETERNA, which surged 10.00 percent to N38.50 from N35.00. Other notable gainers included THOMASWY, which rallied 9.88 percent to N2.78 from N2.53, and CMFC, which climbed 9.76 percent to N2.70 from N2.46. HMCALL and OMATEK also experienced significant gains, jumping 9.70 percent and 9.63 percent respectively.
On the decliners' side, CAVERTON plunged 9.09 percent to N4.00 from N4.40, while UPL tumbled 9.00 percent to N4.55 from N5.00. WAPIC shed 6.30 percent to N2.23 from N2.38, and VERITASKAP slipped 5.45 percent to N1.04 from N1.10. UCAP also declined 5.00 percent to N17.10 from N18.00.
Several major companies, including Seplat Energy, Presco Plc, Julius Berger, Champion Breweries, Golden Guinea Breweries, Cadbury Nigeria, and Nestle Nigeria, closed flat. The market maintained its upward trajectory, supported by broad-based gains and positive breadth. This sustained buying interest could support further advances, although profit-taking remains a factor after the recent gains.
According to market analysts, the Nigerian Exchange Limited's positive run is a reflection of sustained investor confidence. The market's performance is also influenced by various economic factors, including the country's inflation rate, interest rates, and global market trends. Investors are advised to exercise caution and make informed decisions when investing in the market.
The Nigerian Exchange Limited has recently introduced new initiatives to expand investor access, including the NGX Invest platform, which allows public offers to be taken on WhatsApp. This move aims to increase participation in the market and provide more opportunities for investors to buy and sell securities.
The market's performance is also influenced by the country's economic policies and global events. The Central Bank of Nigeria's recent decision to cut interest rates by 350 basis points is expected to have a positive impact on the market. Additionally, the country's efforts to build economic buffers and mitigate global risks are also expected to support market growth.
Key points
- The Nigerian Exchange Limited's All-Share Index rose 576.36 points to 251,191.02, representing a 0.23 percent gain.
- Market capitalization increased by N374 billion to N163.056 trillion.
- The session recorded 43 gainers and 20 decliners, reflecting sustained positive sentiment across the market.
