By Chukwuma Umeorah

Investors on the Nigerian Exchange Limited (NGX) gained a whooping N1.61 trillion as the NGX All Share Index (ASI) surged past the 100,000 mark, a new record at the close of trading activities on Wednesday.

The benchmark All -Share Index (ASI) added 2,954 points to close at an impressive 101,571 points, signifying a substantial increase from its opening value of 98,616 or 3.0 per cent gain over the previous trading day.

Consequently, the market capitalization added N1.616 trillion, climbing from N53.967 trillion to N55.583 trillion at the mid-week closing bell. Yesterday’s rally signified a 10-day bullish run on the local bourse that has left market participants elated.

The uptick was buoyed by gains recorded in some Blue-chip and medium capitalized stocks such as Bua Cement, Dangote Sugar, Japaulgold, Lasaco and 31 other stocks.

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A total of 122 equities participated in Wednesday’s trading. The number of deals executed dropped from 16,589 to 12,080, indicating a 27.2 per cent decrease. Similarly, the trading volume saw a 39.7 per cent dip from 747.51 million units to 488.49 million units. The total value of the trade plummeted 50 per cent from N16.27 billion to 8.03 billion.

Transcorp dominated yesterday’s market performance (when measured in volume) as it exchanged 95.10 million units of shares corresponding to a market value of N1.588 billon, followed by UNIVINSURE trading 45.62 units worth N18.60 million while UNITYBNK traded 27.34 units of shares valued at N74.11 million.

The market breadth, which gauges the overall health of the market, reflected a positive sentiment with 35 gainers and 32 losers. This balanced ratio suggested a robust market performance, with a slight edge favoring the advancing stocks.

Topping the gainers chart was WAPIC adding double digit 10.00 per cent, closing at N0.88 per share, followed by Bua Cement and Japaulgold which added 9.98 per cent and 9.91 per cent to close at N179.65 and N2.55 per share respectively.

On the flip side, NEM emerged the worst performing stock for the day shedding 10 per cent in value to close at N7.20 per share. They were followed by Cadbury stocks, which lost 9.96 per cent and closed the day at N23.50 per share while TIP lost 9.92 per cent finishing at N2.27 per share.