By Kayode Tokede
The equities market of the Nigerian Stock Exchange (NSE) closed positive on Wednesday, growing by N13 billion, as investors confidence was sustained in some blue chips shares.
The market capitalisation which opened at N13.241 trillion rose by N13 billion or 0.10 per cent to close at N13.254 trillion.
In the same vein, the All-Share Index further gained 24.53 basis points or 0.10 per cent to close at 25,407.96 basis points compared with 25,383.43 basis points achieved on Tuesday.
Sectoral performance failed to mirror market performance, as all sector indices closed negative, save for the Insurance (+0.1per cent) index that gained, and the Oil and Gas index that traded flat.
The Banking (-0.6 per cent), Consumer Goods (-0.4 per cent) and Industrial goods (-0.2 per cent) indices all declined.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Presco, MTN Nigeria, Stanbic IBTC Holdings, Ecobank Transnational Incorporated and Skyway Aviation Handling Company.
Neimeth International Pharmaceuticals, for the second consecutive day, led the gainers’ table in percentage terms, appreciating by 9.70 per cent to close at N1.47, per share.
Skyway Aviation Handling followed with 9.66 per cent to close at N2.27, while Presco increased by 9.04 per cent to close at N45.25 per share.
Japaul Oil grew by 8.33 per cent to close at 26k, while Lasaco Assurance appreciated by eight per cent to close at 27k per share.
Conversely, PZ Cussons led the losers’ chart in percentage terms, dropping by 9.43 per cent, to close at N4.80 per share.
C & I Leasing followed with a loss of 9.35 per cent to close at N4.85, while Afromedia dipped 8.70 per cent to close at 21k per share.
Cornerstone Insurance and UACN shed 8.33 per cent each to close at 55k and N7.70 per share, respectively.
Transactions in the shares of FBN Holdings topped the activity chart with an exchange of 50.29 million shares valued at N277.26 million.
Nigerian Breweries came second with 45.93 million shares worth N2.02 billion, while Guaranty Trust Bank accounted for 42.39 million shares valued at N1.06 billion.
Japaul Oil sold 23.10 million shares worth N5.99 million, while Zenith Bank transacted 21.79 million shares valued at N373.02 million.
In all, the total volume of shares traded dipped 6.49 per cent to 353.33 million shares valued at N7.04 billion exchanged in 4,659 deals.
This was in contrast with 377.88 million shares worth N6.06 billion transacted in 4,585 deals on Tuesday.
“It will be notable to point out that aside positive sentiment by value investors, Foreign portfolio and cooperate actions are two major factors driving positive rally in the equity space at this time. How sustainable these will be is quite marginally.
“All things been equal Investors are advised to take a medium to long term position in order to erase panic selling,” analysts at APT securities explained.