NGX close bullish midweek as Nestle, others lift market by ₦71bn

The Nigerian stock market experienced a bullish trend midweek, with the All-Share Index rising by 0.04 percent to close at 244,912.24 points. The market capitalization saw a significant increase of ₦71 billion, reaching ₦158.087 trillion, largely propelled by price appreciation in prominent large and medium-capitalized stocks.

Key contributors to the market's upturn included Nestle Nigeria Plc, First Holdco, AVA Capital, VFD Group, and FCMB Group. These companies' positive stock performance significantly influenced the overall market gains. However, this positive movement was contrasted by investor sentiment, which remained predominantly negative, as evidenced by 27 stocks declining compared to 20 advancers.

Among the top gainers, Linkage Assurance led with a 9.94 percent rise, followed by AVA Capital, Fortis Global Insurance, McNichols, and Wapic Insurance, which saw gains ranging from 5.51 to 9.55 percent. Conversely, Honeywell Flour Mills and PZ Cussons Nigeria were the highest price decliners, each dropping 9.94 percent. Other notable losers included Zichis Agro Allied Industries, Learn Africa, and Neimeth International Pharmaceuticals.

Trading activity saw a notable decrease in volume, falling by 47.3 percent to 824.06 million units, valued at ₦25.47 billion, executed across 48,114 deals. FCMB Group dominated market activity in terms of volume, with 358.395 million shares traded worth ₦3.948 billion. Other active stocks included Chams Holding Company, Access Holdings, First Holdco, and Linkage Assurance.