The Nigerian equity market continued its rally on Wednesday, gained 3.02 per cent, on the back appreciation recorded by Dangote Cement, Zenith Bank, Access Bank, etc.
The All-Share Index increased by 659.99 points, representing a growth of 3.02 per cent to close at 22,539.94 against 21,879.95 on Tuesday, while the market capitalisation gained by N344 billion or 3.02 per cent to close at N11.746 trillion in contrast with N11.402 trillion on Tuesday.
Meanwhile, month-to-date gain increased to 5.8 per cent as Year-to-Date losses moderated to -16.0 per cent.
The upturn was due to gains recorded in large and medium capitalised stocks, amongst which are: Dangote Cement, Nigerian Breweries, Guaranty Trust Bank, Zenith Bank and Dangote Sugar.
Analysts at Afrinvest Limited expect positive trading to continue to buoy the capital market going forward.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the development to low price attraction and positive sentiment for dividend stocks with the extension of filing dates by the regulator.
Omordion said institutional investors were taking advantage of the remote trading and low price of stocks to increase their stake in the market, regardless of the gloomy economy.
He urged investors to target fundamentally sound and dividend-paying stocks for possible capital appreciation.
In all, the market recorded 28 gainers in contrast with 11 losers.
Champion Breweries, Dangote Cement and Neimeth were the highest gainers in percentage terms, appreciating by 10 per cent each, to close at 88k, N133.10 and 55k per share, respectively.
Oando followed with 9.85 per cent to close at N2.90, while Nigerian Breweries appreciated by 9.84 per cent to close at N26.80 per share.
Zenith Bank rose by 9.66 per cent to close at N15.90, while Transcorp appreciated by 8.96 per cent to close at 73k per share.
On the other hand, Arbico Plc led the losers’ chart in percentage terms, losing 9.82 per cent, to close at N2.57 per share.
Wema Bank trailed with a decline of 9.68 per cent to close at 56k, while Cutix dropped 9.09 to close at N1.20 per share.
AIICO Insurance lost 4.76 per cent to close at 80k, while Union Bank of Nigeria shed 4.62 per cent to close at N6.20 per share.
However, the total volume of shares traded declined by 41.48 per cent with an exchange of 326.44 million shares worth N3.34 billion transacted in 5,166 deals.
This was in contrast with 557.82 million shares valued at N2.62 billion exchanged in 5,310 deals on Tuesday.
FBN Holdings topped the activity chart with 74.758 million shares valued at N354.24 million.
Zenith Bank followed with 72.11 million shares worth N1.097 billion, while Guaranty Trust Bank traded 36.77 million shares valued at N793.96 million.
United Bank for Africa sold 22.92 million shares worth N145.82 million, while FCMB Group transacted 19.18 million shares valued at N32.25 million. (NAN)