Stock market up 0.50% as Ellah Lakes leads advancers

After negative start to a new month, the stock market of Africa’s largest economy routed north on Wednesday as investors rebalance portfolio for second half (H2).

Stocks like Ellah Lakes, International Energy, Cutix and other major advancers drove the market higher at the close of trading on Wednesday.

Ellah Lakes rallied most on the Bourse, from N8.40 to N9.24, adding 84kobo or 10 percent. Also, Cutix rose from N3.60 to N3.96, rising from 36kobo or 10 percent. International Energy Insurance increased from N1.80 to N1.98, adding 18kobo or 10 percent. The market’s return year-to-date (YtD) increased to +16.92 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding day’s lows of 119,741.23 points and N75.801 trillion respectively to 120,339.9 points and N76.179 trillion.

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Earlier this week, Lagos-based United Capital research analysts said the equities market might continue in its upward trend leading to a slight gain in the ASI.

“This is hinged on the market benefiting from the excess liquidity in the financial system. Similarly, investors might start positioning for second-quarter (Q2) earning season, favouring corporates with FX gains, cost control, clear growth trajectory, and those with potentials for quality interim dividend payment,” they said.

Stocks like Royal Exchange, Japaul Gold, Ellah Lakes, Wema Bank, Chams were actively traded on Wednesday. In 21,964 deals, stock traders exchanged 1,049,399,729 units valued at N12.174billion.