Lagos: The Nigerian stock market extended its winning streak on Wednesday, with investors’ wealth swelling by N881 billion as renewed buying interest in key equities followed the introduction of new pension investment limits that boosted overall sentiment.
Buying interest in large- and mid-cap stocks like: Meyer, Nestlé Nigeria, Fortis Global Insurance, Consolidated Hallmark Holdings, Zichis Agro Allied Industries and 44 other price gainer stocks lifted the broad market performance.
Also, the market has continued on a positive momentum due to PenCom’s review of investment regulations to increase the allowable limits for investments in ordinary shares under the RSA funds.
Under the new limits, RSA Fund I has been raised from 30 per cent to 35 per cent; RSA Fund II from 25 per cent to 33 per cent; RSA Fund III from 10 per cent to 15 per cent; and RSA Fund VI Active from 25 per cent to 33 per cent.
Specifically, the market capitalisation, which opened at N113.496 trillion, added N881 billion, or 0.78 per cent, to close at N114.377 trillion.
The All-Share Index also gained by 0.78 per cent or 1,375.11 points, to settle at 178,184.54 against 176,809.43 recorded on Tuesday.
Consequently, the Year-To-Date (YTD) return increased to 14.50 per cent.
Also, the market breadth closed positive with 49 gainers and 32 losers.
Nestlé Nigeria, Meyer, Consolidated Hallmark Holdings and Fortis Global Insurance led the gainers’ chart by 10 per cent each, finishing at N2,420, N20.90, N4.95 and 33k per share, respectively.
Similarly, Zichis Agro Allied Industries increased by 9.98 per cent, settling at N8.93 per share.
Conversely, Honeywell Flour led the losers’ chart by 9.70 per cent, finishing at N22.80, Neimeth International Pharmaceutical trailed by 9.15 per cent, closing at N12.90, while The Initiates lost by 5.81 per cent, settling at N19.45 per share.
Also, RT Briscoe dipped by 5.70 per cent, ending the session at N14.40, and Sterling Nigeria shed by 5.56 per cent, closing at N7.65 per share.
A total of 939.2 million shares valued at N34.03 billion were traded in 61,279 transactions, as against the previous session’s 1.3 billion shares worth N50.4 billion that were exchanged across 58,965 deals.
This signalled an 11 per cent decrease in volume, a 30 per cent decline in value, and a 4 per cent increase in deals.
Tantalizer recorded the highest volume with 85.32 million shares traded, accounting for 9.08 per cent of the day’s total volume.
Aradel recorded the highest value traded at N2.98 billion, accounting for 8.77 per cent of the day’s total.
