Nigerian stock market rebounds, investors earn N30bn

The Nigerian Equities Market marginally recovered at the end of trading activities on Wednesday as the All Share Index (ASI) gained 0.15 per cent in the session to stand at 38,564.70 basis points.

This positive outing brought the year-to-date performance of the ASI to stand at -4.24 per cent, Tribune reported.

Investors at the Nigerian Exchange Limited (NGX) earned N30 billion in the session as the market capitalisation followed suit the direction of the ASI to stand at N20.099 trillion, a 0.15 per cent gain from the N20.069 trillion it stood at the end of the previous trading session.

Market breadth also closed in favour of the bulls, as 27 counters in the gainers’ chart were pitted against 21 counters in the losers’ chart.

Cornerstone Insurance, Morison, Learn Africa, African Prudential and Courtville led the top gainers’ chart as the best-performing stocks.

From the rear of the chart, Abbey, Chi PLC, CWG, Wapic Insurance and Regal Insurance populated the top losers’ chart.

Key sectoral indices recorded mixed performance, with the Oil&Gas sector gaining 0.92 per cent to become the best performing sector, as the Insurance sector loses 0.51 per cent to become the worst-performing sector.

Market activity as measured by the volume of trades inched up in the session with daily traded volume standing at 303 million units, a 1.81 per cent increase from a volume of 297 million units traded in the previous session.

Conversely, market turnover dipped in the session as it decreased by 23.02 per cent to stand at N2.810 billion as against a value of N2.650 billion recorded in the previous trading session.

Sterling Bank was the most traded stock for the day, as it was flanked in the trading session by Ecobank Transnational Incorporations, Wema Bank, Guaranty Trust Bank and Japaul Gold to complete the list of the five most traded stocks in terms of volume of trades.

With regards to the value of traded stocks, Guaranty Trust Bank, Seplat, Zenith Bank, MTN Nigeria and Access Bank made up the top five performers.

Tribune