© Reuters.
LAGOS – The Nigerian Exchange concluded Wednesday’s session with mixed results as the All-Share Index (ASI) experienced a minor decline of 0.09% to close at 71,003.98 points, influenced by a drop in MTN Nigeria’s share price. Despite this slight downturn, the market maintained a strong year-to-date performance, boasting a gain of 38.54%, with the market capitalization recorded at N39.048 trillion.
The market witnessed a positive breadth, as there were more gainers than losers. Notably, Daar Communications and R.T. Briscoe led the pack with impressive gains of about 10% each. Mecure Industries and Secure Electronic Technology Plc also saw substantial increases, both nearing the 10% mark, while Multiverse Mining and Exploration joined the list of top performers with a significant increase of 9.82%.
On the flip side, several companies faced setbacks in their share prices. Prestige Assurance took a notable hit, plummeting by over 7%, while International Breweries fell by approximately 5%, and UPDC Real Estate Investment Trust also saw its shares depreciate.
In terms of trading activity, Unity Bank emerged as a volume driver with millions of shares changing hands. Guaranty Trust Holding (GTCO) Plc stood out for its trade value, which exceeded one billion Naira. The banking and insurance sectors witnessed slight advances, whereas consumer goods and industrial goods sectors saw marginal retreats. The oil and gas index remained unchanged.
Despite a reduction in total volume traded, the number of transactions improved, rising by 1.95% to reach 6,677 deals for the day. Veritas Kapital Assurance dominated volume trade while MTN Nigeria led in trade value with N2.81 billion worth of shares traded. United Bank for Africa (UBA) also featured prominently with shares valued at N407.35 million actively traded on the exchange floor.
Investors will continue to watch how these dynamics play out in future sessions as they assess the market’s direction amidst varying performances across different sectors.
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