The equities market of Nigerian Stock Exchange (NSE) was halted as bargain hunting in high capitalised stocks lift the market up by 0.15 per cent.
The positive trading on Wednesday makes it the five-day bearish run in the equities market.
The All Share Index (ASI) grew by 46.92 basis points, representing an increase of 0.15 per cent, closing at 31,360.28 basis points.
Consequently, the market capitalisation grew by N18 billion to close at N11.695 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Chemical & Allied Products (CAP), Okomu Oil, Eterna and Sterling Bank.
Analysts at Afrinvest Limited said that “Yesterday’s rebound in the domestic equities market was in line with our expectations, and in our view, sustained bargain hunting will further buoy market performance over the near term.”
Market breadth closed negative, recorded 13 gainers against 18 losers. CAP recorded the highest price gain of 10 per cent, to close at N37.40 per share. Sterling Bank followed with a gain of 9.77 per cent to close at N2.36, while Eterna rose by 9.09 per cent to close at N4.80, per share.
Consolidated Hallmark Insurance (CHI) appreciated by 7.41 per cent to close at 29 kobo, while Lasaco Assurance rose 6.45 per cent to close at 33 kobo per share.
On the other hand, Regency Alliance Insurance led the losers’ chart by 7.69 per cent, to close at 24 kobo, per share. Africa Prudential shed 7.52 per cent to close at N4.55, while Prestige Assurance depreciated by 7.41 per cent to close at 50 kobo, per share.
Dangote Flour Mills declined by five per cent to close at N9.50 and Guinness Nigeria shed 4.69 per cent to close at N64, per share.
The total volume traded appreciated by 72.08 per cent to 377.49 million shares, worth N2.26 billion, and traded in 3,273 deals. Transactions in the shares of Diamond Bank topped the activity chart with 113.6 million shares valued at N283.36 million. Chams followed with 72.15 million shares worth N14.43 million, while FBN Holdings traded 71.53 million shares valued at N586.22 million.
Zenith Bank traded 14.59 million shares valued at N321.4 million, while United Capital transacted 12.85 million shares worth N42.36 million.