Stock Market Rebounds, Gains N301bn
Transactions on the floor of Nigerian Stock Exchange (NSE) rebounded on Wednesday following three consecutive losses.
The All Share Index, (ASI) rose by 1.68 percent from 34,242 basic point it closed with on Tuesday to 34,818.01 basic point on Wednesday.
The appreciation of the ASI also reflected in the market capitalisation which stood at N18.193 trillion on Wednesday as against N17.892 trillion it recorded on Tuesday.
This represents a market surge of N301 billion or 1.68%.
The gains by the equity market on Wednesday was as a result of appreciation in capitalized stocks of Dangote Sugar, Nigerian Breweries, Dangote Cement, Zenith Bank and WAPCO Nigeria Plc.
The market turn over traded 661.132 million of shares worth N8.298 billion in 7,324 deals compared with the N9.360 billion shares traded in 8,712 deals the previous day.
The biggest gainer on the NSE board in percentage terms was WAPCO which led the chart with 9.55% to close at N24.1 per share.
Nigerian Breweries closely followed by appreciating by 7.41% to close at N58 per share, while Dangote Sugar gained by 5.95% to close at N22. 25 per share.
Also, Dangote Cement leaped by 4.22% to close at N195 per share, while Zenith Bank rounded up the top 5 gainers’ chart surging by 3.09% to close at N26.7 per share.
Conversely, the losers’ chart was led by Cornerstone Insurance, dipping by 8.62% to close at N0.53 per share.
Ardova Plc and Unity Bank shed 6% to close at N15 and N0.80 per share, respectively.
Also, Transcorp lost by 4.55% to close at N1.05 per share, while Stanbic IBTC Bank depreciated by 2.50% to close at N44.85 per share.
A capital market analyst at Solid Rock Securities, Chief Patrick Ezeagu, attributed the gains by the market to the recent corrections made in the market.
“The market has been experiencing some corrections and it is almost coming to an end. And it was expected to make a positive development today and that was exactly what happened. Before the trigger of the circuit breaker, things were just going haywire and something needed to be done,” said Ezeagu, who is also the Chairman of ASHON.
On the trading activity, Transcorp led Wednesday’s trading with 160.58 million shares worth N172.162 billion, while Guaranty Trust Bank followed with its shares trading at 70.682 million N2.620 billion.
Zenith Bank traded 57.303 million shares at N1.539 billion, while Access Bank closed trading at 55.177 million shares worth N491.877 million.
FBN Holding concluded transaction at 37.622 million shares, worth N295.922 million.
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