The bulls refused to back down, tightening their grip on the Nigerian Exchange (NGX) Limited on Wednesday by 0.21 per cent despite bearish investor sentiment.
Data from the bourse showed that 27 price gainers and 40 price losers at midweek, representing a negative market breadth index.
The consumer goods index was down by 1.56 per cent, and the energy sector lost 0.05 per cent to profit-taking.
However, the banking space expanded by 3.21 per cent, the insurance counter improved by 0.23 per cent, and the industrial goods landscape grew by 0.01 per cent.
Consequently, the All-Share Index (ASI) chalked up 415.77 points to settle at 201,703.55 points compared with the previous session’s 201,287.78 points, and the market capitalisation went up by N599 billion to N129.809 trillion from N129.210 trillion.
UPDC REIT appreciated by 10.00 per cent to N7.70, International Energy Insurance grew by 9.91 per cent to N3.55, RT Briscoe expanded by 8.81 per cent to N10.50, Mutual Benefits improved by 7.58 per cent to N4.40, and Zenith Bank soared by 7.52 per cent to N103.00.
Conversely, Omatek lost 10.00 per cent to trade at N1.98, Nestle Nigeria also declined by 10.00 per cent to sell for N3,055.50, FTN Cocoa dropped 9.97 per cent to settle at N5.33, Chams dipped by 9.79 per cent to N3.96, and May and Baker slumped 9.74 per cent to N34.30.
Yesterday, investors transacted 815.5 million shares worth N33.3 billion in 52,641 deals compared with the 887.7 million shares valued at N35.6 billion traded in 53,436 deals on Tuesday, indicating a shortfall in the trading volume, value, and number of deals by 8.13 per cent, 6.46 per cent, and 1.49 per cent, respectively.
Wema Bank topped the activity chart with 77.8 million stocks sold for N2.0 billion, GTCO exchanged 73.7 million equities worth N9.0 billion, Access Holdings transacted 62.9 million shares valued at N1.6 billion, First Holdco traded 59.4 million equities for N3.0 billion, and Zenith Bank exchanged 49.7 million stocks valued at N5.2 billion.