Wema Bank emerged as the biggest traded stock by volume on Thursday, November 13, as the Nigerian stock market appreciated, with investors pocketing N1 trillion again.
The market rebounded on Wednesday after more than a week of bearish momentum. The stock market saw its biggest dip on Tuesday, November 11, when approximately ₦4.65 trillion was wiped off from the market valuation in a single day of trading.
However, on Thursday, the stock market sustained a bullish momentum as the total market capitalisation rose by 1.08 per cent to ₦93.48 trillion. Movement in the stocks trading also saw the All-Share Index (ASI) rise by 1.08 per cent to 146,981.17 points.
At the close of the day’s trading, a total of 579.37 million shares valued at ₦22.12 billion in 23,382 deals exchanged hands relative to 806.40 million shares valued at ₦50.78 billion in 24,509 deals traded the previous day.
The volume of trade was driven by five commercial banks, including United Bank for Africa (UBA), Access Holdings, Fidelity Bank and Zenith Bank.
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The five banks traded stocks by volume accounted for 49.06 per cent or 284.26 million units of the 579.37 million total trade volumes.
Wema Bank topped the list with 98.43 million volumes of trade, followed by UBA with 52.97 million, Access Holdings with 50.89 million, Fidelity with 41.2 million and Zenith with 40.77 million.
Bargain-hunting activities in blue-chip stocks continued on Thursday, underscoring resurgent buying interest, as market sentiment was overwhelmingly bullish, with 55 stocks advancing against 10 stocks that declined.
Sectoral performance was predominantly positive as the insurance index led with a 4.58 per cent to close at 1,166.15 points. The banking index followed, rising by 3.8 per cent to 1,447.90 points.
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Also, the consumer goods climbed by 1.73 per cent to 3,458.16 points, and oil and gas by 0.65 per cent to 2,770.93 points.
While the industrial goods index slightly fell by 0.09 per cent to 5,405.54, the commodity index remained relatively flat from the previous day.
Pinnacle Daily reported that, amid other market fundamentals, the new 30 per cent introduction on the capital gains tax has frightened investors and created panic in the stock market, according to analysts.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
