Nigerian Equity Market Gains N141 Billion on Wednesday

On Wednesday, the Nigerian equity market closed higher, gaining N141 billion in market capitalization, which brought the total to N128.977 trillion, up from N128.836 trillion the previous day. The NGX share index appreciated by 219.92 basis points, ending at 200925.75 points, compared to 200705.85 points recorded on Tuesday.

Despite the upward movement, the market breadth was negative, with 32 stocks declining against 31 that gained. Mid-cap capitalized stocks contributed significantly to the activity, resulting in a year-to-date return of 29.12 percent.

Notable gainers included Legend Internet, which rose by 10 percent to close at N7.26 per unit, Zichi PLC and Premier Paint, both increasing by 9.93 percent to close at N11.40 and N31.00 per unit, respectively. Conversely, Fidson Healthcare recorded the highest loss, declining by 9.97 percent to close at N94.85 per unit.

Trading volume decreased by 40.32 percent, with 537.992 million shares traded, down from 1.203 billion shares the previous day, and the total value of trades fell by 55.91 percent to N25.385 billion across 45,641 deals.