The stock market on Wednesday made a positive growth of N150.8 billion as the bulls consolidated their hold on the market.
The bulls took control of the market Tuesday after a negative trading on the first day of the week. The positive trend continued Wednesday as 25 stocks grew in prices compared with six that fell.
As a result, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.7% to close at 39,170.95, just as market capitalisation rose N150.8 billion to close higher at N20.4 trillion.
Traders have said investors are engaging in bargain, hunting after prices dropped significantly in the month of May, noting that the performance is in line with the general expectations that the bulls would dominate this week.
“We expect market performance to be dominated by the bulls, as positioning by early birds in dividend-paying stocks ahead of H1-2021 dividend declarations should outweigh profit-taking activities. We reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts had said at the beginning of the week.
An analysis of the price movement chart showed that bellwethers such Dangote Cement Plc, Guaranty Trust Bank Plc, Flour Mills of Nigeria Plc and Zenith Bank Plc were among the price gainers. However, Cutix Plc led with a gain of 10%, trailed by Okomu Oil Palm Plc with 9.7%. Union Bank of Nigeria Plc chalked up 9.4%. Honeywell Flour Mills Plc and ABC Transport Plc went up by 8.6% apiece.
NASCON Allied Industries Plc and Regency Insurance Plc garnered 7.4% and 6.6 % in that order.
Other top price gainers included: Royal Exchange Plc (5.4 per cent); Mutual Benefits Assurance Plc (4.5 per cent); Lafarge Africa Plc (4.2%); Coronation Insurance Plc, Wema Bank Plc (3.5%), United Capital Plc (3.3%); Flour Mills of Nigeria Plc (2.7%); Transcorp Plc (2.3%) and Dangote Cement Plc (2.2%).
On the contrary, Sovereign Trust Insurance Plc led the price losers with 3.5 per cent, trailed by Jaiz Bank Plc with 3.3%. FCMB Group Plc shed 1.5%, while FBN Holdings Plc went down by 1.3%.AXA Mansard Insurance Plc lost 1.1%, just as Nigerian Breweries Plc closed 0.08% lower.
Trading activity was mixed as volume traded declined 16.9% to 181.5 million units while value traded rose by 149.0% to N4.0 billion.