The Nigerian equity market recovered from the previous day’s day on Wednesday, on the back of gains recorded by bellwether stocks like Airtel Africa, Dangote Sugar, Access Bank and eight others.
The All-Share Index (ASI) then increased by 15.67 absolute points, representing 0.06 per cent growth to close at 24,130.26 points, . the Market Capitalization gained N8.18 billion, representing an increase of 0.07 per cent to close at N12.59 trillion as a result of the listing of Tranzact International Plc Rights Issue of 4.67 billion Ordinary Shares of 50 Kobo Each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares.
CUTIX (+7.7 per cent), Dangote Sugar (+5.2 per cent) and Mutual Benefit (+4.8 per cent) were the top advancers among the 11 gainers, while amongst the 15 decliners, Julius Berger (-9.9 per cent), Nigerian Breweries (-9.8 per cent) and LINKASSURE (-9.8 per cent) lost the most.
The activity chart with regard to volume was led by Sterling Bank (77.2m units), UBA (19.8m units) and Zenith Bank (16.0m units), while MTNN (₦296.1m), Zenith Bank (₦247.9m) and Nestle (₦235.2m) led by value.
The AFR-ICT sector (+1.6 per cent) gained the most due to buying interest in Airtel Africa (+3.4 per cent).
Also, price appreciation in GTBank (+0.9 per cent), Access Bank (+0.8 per cent) and CUTIX (+7.7 per cent) drove gains in the Banking (+0.4 per cent) and Industrial Goods (0.01 per cent) indices.
However, sell pressures in Nigerian Breweries (-9.8 per cent), NASCON (-4.0 per cent) and WAPIC (-9.1 per cent) weighed on the Consumer Goods (-1.3 per cent) and Insurance (-0.9 per cent) indices respectively.