Stocks sustained rising momentum on Wednesday with significant N316.14 bilion gain in market capitalisation driven by Geregu Power, FBN Holdings and Oando Plc.

Gere gu gained (+9.5%), FBNH (+6.3%), and OANDO (+6.1%), further strengthening remarkable gains by top gainers of Honeywell Flour (+10%) and MEYER (+10%).

The gains erased losses in MTNN (-0.10%), GTCO (-1.07%) and UBA (-1.03%), lifting the AllShare Index higher by 0.6 per cent to 98,230.92 basis points while market capitalisation increased by N316.14 billion to close at N56.45 trilion.

As a result, the Monthto-Date and Year-to-Date returns settled higher at +1.7 per cent and +31.4 per cent, respectively. The total volume of trades declined by 23.3 percent to 361.30 million units, valued at N7.57 billion, and exchanged in 9,627 deals.

JAPAULGOLD was the most traded stock by volume at 64.04 million units, while GEREGU was the most traded stock by value at N1.34 billion.

On sector analysis, the Banking (+1.1%), Insurance (+0.6%), and Oil & Gas (+0.4%) indices advanced, while the Consumer Goods (-1.1%) and Industrial Goods (-0.1%) indices declined. A total of 27 stocks gained relative to 25 losers.

HONYFLOUR (+10.0%) and MEYER (+10.0%) led the gainers, while NNFM (-10.0%) and BERGER (-9.8%) recorded the highest losses of the day.

It would be recalled that transactions at the Nigerian Exchange (NGX) on Tuesday closed with a cumulative gain of N128.8bilion also driven by buying in interest in the shares of Geregu, Flour Mills of Nigeria, FBNH, and GTCO.

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